$400 million for McCain: Who Broke Public Financing?

While some have argued, quite convincingly, that this should have been the week to end John McCain's campaign, a little-noticed press briefing Thursday by lobbyist and campaign head Rick Davis is the one silver-lining for the candidate. Davis announced the campaign would have $400 million at its disposal.

To steal a quote from advisor and lobbyist -- and "whiner" -- Phil Gramm, McCain's campaign apparently believes it has "the most reliable friend you can have in American politics, and that's ready money."

Davis's $400 million figure is not far-fetched. Combined with the RNC and state parties, they have $95 million on hand at the beginning of June. The McCain campaign and its joint fundraising committee with the Republican Party have been raising roughly $50 or 60 million per month. Add the $84 million in public funds McCain will receive in September when he accepts the nomination, and they're just about there.

That means McCain's $84 million in public funds is just 21 percent of what his campaign projects it will spend.

If the national media, commentators, editorial writers, and political observers are so concerned about defending a broken public financing system, it's not Barack Obama who ought to be singled out for breaking it. McCain's campaign, in announcing a $400 million campaign, has exposed the absurdity of claims that the current public financing system replaces private money and that candidates who take public money would be removed from the money chase so that they can focus on voters and important issues.

The McCain campaign, despite its intent to take public financing in a few months for the general election, is conducting a high-dollar fundraising event every day of the week, according to Davis. McCain is courting donors who are writing $70,000+ checks to a joint fundraising account. If you can write a $70,000 check in this economy, you're not whining.

The presidential public financing system is broken. It's not Obama's fault. Nor is it McCain's fault. The blame rests at the doorstep of the Congress and the current President for not fixing it before this election cycle. Let's not let the next Congress and the next President make the same mistake.

If there's one thing that's important to evaluate Obama and McCain on regarding public financing, it's whether they will pledge to pass an overhaul of the current system and whether they'd work to establish public financing for congressional races. Obama has said he would, and has cosponsored bipartisan legislation to do so.

McCain has refused.

Comments

[RatgurlSD]

So much for McCain's campaign reform platform!

[ObamAtomic]

Illegal contributions,can I prove?
Odd,he can not raise money before?
Fund raiser canceled,low attendance,odd,,,,,,

[PioneerKing]

DAVID:

Have you just realized that McCain lies out of both sides of his mouth?

[BBackSoon]

How much is all the airtime that McSame gets from Fixed News and "Rush the pill popper" actually worth? For all the airtime they spend nitpicking all the Obama gaffs and talking up McSame it has to be worth another $100 million.

[walkthewalk]

When it comes to public financing, John McCain has no claim to the high ground.

[Relax08]

So much for criticism of Obama's decision to reject public financing.
He was too much of a gentlemen to say it, but the real reason Obama opted out was that
he knows John McCain is not an honest man and was going to violate every rule imaginable
whether Obama and he had agreed on a deal or not. Obama has seen McCain's dirty underhanded
manner in which he operates- learned from the likes of his not so secret advisor Karl Rove.

Had Obama stayed with public financing, the entire Democratic party would be calling him a fool and the
Republican party would be giggling at his naive decision.

McCain is not a straight shooter. He's a person who abuse his privileges in life, took advantage of his father's connections, and while he served honorably in the Navy- would never have made Admiral and was an individual of low moral character as he cheated on his wife and family. America and the MSM need to wake up and expose this man for what he is- Unqualified from day one!

[justobserve]

Exactly!

[SharonAustinTX]

With all the media hype given to Obama's perceived reversal to take public financing (a smart move since he knew the Rethuglicans would do as they're doing, and why should he go down in defeat with one arm tied behind his back).

Bet the media bias for McCain won't cover this information. If I made this bet, I could retire happy. What a crock!

[Speakchic]

So now McCain won't be able to whine that he was outspent and financed by the Obama campaign WHEN HE LOSES! And lose he will.

Obama '08!

[Javalation]

Had Obama not opted out of the "public financing", McCain & friends would have been able to outspend the Democrats two or three to one. Now most experts are seeing it as a level field. McCain appears to be getting his support from the rich while Obama gets his from smaller donors. The rich have done well in the Bush economy and they must have good feelings about McCain, writing $70,000 plus checks. Apparently McCain knows finance law so well that he knows all of the sneaky little ways to get around it.

[Insearchoftruth]

This is a thoughtful article. However, I wonder how much of the RNC money is actually budgeted for McCain. My guess is that the RNC slush fund is intended to support state, local, congressional, and senatorial candidates as well as McCain. They are publicizing the big number, I think, to compensate for their sense of inadequacy.

[bgregs]

The RNC will be splitting the money between the presidential campaign and the local and state races, both of which require much less money. This is the way that BOTH sides do it, although the RNC is in MUCH better shape, financially than the DNC.

[PumaAnn]

Given Obama's miss on his goal of 50 million this month and continuing decline in contributions, perhaps he should have stuck with his pledge after all.

McCain seems to have this deal figured out.

[Relax08]

The numbers will be there. Right now, the entire mess with Hillary is very problematic. Further, I am afraid there is a perception that he has so much Money he doesn't need anyone's help. Additionally let's face it, McCain's money is coming from the rich who really aren't suffering right now. We are in a real recession and money is tight for Obama's base.

[PumaAnn]

Hillary doesn't have anything to do with it. His supporters have donated a whopping 100,000 to pay down her debt.

She'll announce soon that her supporters took care of it. The latest news is that we're within 5 million of the goal.

Sorry.....but Obama's numbers are down for other reasons than that.

I'd say they think they've already won, but that's just my guess.

[hopeless277]

Obama will pledge to do anything. Problem is, as with all politicians, once they gain office they dismiss thier pledges and chastise all who believed them as naive. No one is ever going to address the election finance system. They all stand to profit too much from it in it's current form. Remember, politicans are scum sucking bottom feeders who would have intercourse with their own children if it kept them in power.

[Relax08]

Obama never pledged to stay in the system. He said he would try to work out a deal with the Republican- that was done- no deal could be struck- probably due to the fact that McCain had already violated the law in the primary and was planning to violate the rules in the GE.

Obama only said he believed in the system- which as this article demonstrates- is clearly broken.

[PumaAnn]

He signed a pledge. Can't get more pledged than a signed pledge. *jeesh*