Tuesday, September 16, 2008

Presidential candidate McCain is effectively getting an $84 million subsidy for his campaign


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From: WashingtonPost.com

McCain Able to Skirt Limits of Federal Financing

Thanks to loopholes in campaign financing and spending rules, Sen. John McCain may benefit from accepting federal funds instead of being limited by the decision.
Thanks to loopholes in campaign financing and spending rules, Sen. John McCain may benefit from accepting federal funds instead of being limited by the decision. (By Jeff Swensen -- Getty Images)
Washington Post Staff Writer
Wednesday, September 17, 2008; Page A04


Democratic presidential nominee Barack Obama put his fundraising machine on display in Beverly Hills last night, tallying more than $9 million at star-studded events that included a $28,500-per-person dinner and a private concert by Barbra Streisand.

Obama's record $66 million haul in August and the money that poured into his campaign last night have helped feed the impression that the senator from Illinois will have a substantial financial advantage over Republican Sen. John McCain (Ariz.) heading into the final weeks of the presidential campaign. But presidential strategists and campaign finance experts yesterday expressed surprise that Obama's decision to become the first presidential nominee to swear off public funds for the general election -- and McCain's decision to finance his bid with a single $84 million infusion from the federal government -- has not given Obama a clear financial edge.

"Sen. Obama's advantage is not emerging as people thought," said Lawrence M. Noble, a former Federal Election Commission general counsel and an Obama supporter.

The reason has less to do with Obama's fundraising -- he has now raised $440 million, more than any presidential candidate in history -- than it does with McCain's ability to maneuver within the confines of the Watergate-era funding program, Noble said.

With backing from the Republican National Committee, McCain has taken advantage of loopholes such as "hybrid" television advertisements and joint fundraising committees that may keep him close to financial parity with Obama.

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