Democratic presidential candidate Sen. Barack Obama (Ill.) announced Thursday morning that he will not accept public financing for the general election, a move that will give him a major advantage over Republican standard-bearer Sen. John McCain (Ariz.). Obama, who called the current system broken, made the announcement via a web video that was sent out to his supporters and the media.
The Illinois senator, who has already shattered every fundraising record during the primary, said because Republicans accept money from lobbyists, and given the influence of outside 527 groups, he has decided not to accept the more than $84 million he would receive from public financing.
“The public financing of presidential elections, as it exists today, is broken, and we face opponents who have become masters at gaming this broken system,” Obama said, adding that his was an “easy decision” for him.
Republicans have foreshadowed their attacks on Obama’s decision, and they will likely seize on that decision to call the Illinois senator a hypocrite. Early in the campaign, the Democrat had indicated that he would accept public funding.
The move could open the door to a fundraising effort that will dwarf all previous campaigns. Through May, Obama had raised about $265 million dollars and the decision to not accept public funds will allow his maxed out primary donors to give $2,300 again. In addition, experts expect that the campaign will receive an additional shot in the arm from donors who supported Sen. Hillary Rodham Clinton (D-N.Y.).
Fundraising records show that Obama has received about a quarter of his money from individuals giving $2,000 or more.