John McCain opened fire on Barack Obama last week, accusing the Democrat of wavering on whether he would accept public financing for the general election. But he soon found himself in the center of a controversy, as the Washington Post came out with a story that put in doubt whether McCain was allowed to opt out of public financing after qualifying for it. If McCain applied for a December loan using the promise of these public funds as collateral, he is not supposed to be allowed to withdraw. In fact, the FEC Chairman wrote a letter to McCain questioning also whether he had a right to withdraw. For a full explanation of what exactly is the issue here, my explanation is available here.
Now the DNC is directly going after McCain on this issue, filing an official complaint with the FEC about McCain's spending. In fact, the DNC notes that McCain had spent $49 million as of the end of January, which means that he probably has already passed the public finance limit of $54 million! Let me repeat this: If the FEC rules that McCain is not allow to withdraw from public financing, the Arizona Senator would not be allowed to spend one more dime all the way until September... while Obama would spend tens of millions. That could just about do it for GOP hopes. And to make matters worse, the DNC is adding an argument to that of the loan's collateral, and noting that McCain might have used the qualification for public financing to get on the Ohio ballot and adding that such a move also locks McCain in the system.
Keep reading here.