Sen. Barack Obama's decision to forgo public financing for his presidential campaign clears the way for him to outspend Sen. John McCain by 3-to-1 or substantially more in the general election, a financial edge that dramatically rewrites the playbooks for both candidates. The skies the limit in terms of campaign cash for Sen. Barack Obama, who announced he is eschewing public financing. Sen. John McCain, who is accepting public financing, will be limited in his spending ability. (ABC News Photo Illustration)With the possibility of spending perhaps $500 million just in the final two months of the campaign, Obama will be the first major-party candidate to enjoy a spending edge in the general election in more than 30 years. The comparison with the consistently cash-strapped McCain campaign could hardly be more stark.
"It'll be like George Steinbrenner's Yankees in the '90s — an All-Star at every position — against the '90s Kansas City Royals, barely able to meet their payroll," said Chris Lehane, a Democratic consultant who worked for Al Gore in 2000 and John Kerry in 2004.
Though Obama risks a short-term political backlash by seeming to go back on his word, Democratic and Republican strategists say most campaigns would take such a hit in exchange for the unprecedented cash advantage he'll derive.
McCain said Thursday he will accept public financing, meaning he'll be limited to spending only $84.1 million in the critical window between the Republican National Convention and Election Day. He'll be forced to lean more heavily on the Republican National Committee and outside groups that he cannot legally coordinate spending decisions with.
In that same time period, Obama will continue to be free to raise and spend unlimited amounts — with advertising specialists and party insiders projecting that he will bring in hundreds of millions of dollars, utilizing and expanding on the most efficient fundraising operation in American political history.
"He's going to be able to raise almost unimaginable amount of money," said Tad Devine, a Democratic strategist who was a top adviser in the Gore and Kerry campaigns. "This is an incredible advantage for him and his campaign. He'll be able to dictate the terms of this election."