Obama forgoes public funding

Republican McCain said he’ll accept the funds.

WASHINGTON (AP) — Democratic presidential candidate Barack Obama said Thursday he’ll bypass the federal public financing system in the general election, abandoning an earlier commitment to take the money if his Republican rival did as well.

Obama, who set records raising money in the primary election, will forgo more than $84 million that would have been available to him in the general election. He would be the first candidate to do so since Congress passed 1970s post-Watergate campaign finance laws. Sen. John McCain, the Republican nominee in waiting, said Thursday he will accept the public funds in the general election.

Obama officials said they decided to take that route because McCain is already spending privately raised funds toward the general election campaign. Obama has vastly outraised McCain, however, and would likely retain that advantage over McCain, who told reporters in Minnesota, “We will take public financing.”

“It’s not an easy decision, and especially because I support a robust system of public financing of elections,” Obama told supporters in a video message Thursday. “But the public financing of presidential elections as it exists today is broken, and we face opponents who’ve become masters at gaming this broken system.”

Shortly after revealing the decision, Obama’s campaign announced his first television ad of the general election campaign — a 60-second commercial to air in 18 states. The ad, called “Country I Love,” is a biographical portrait that aims to reintroduce Obama to voters by stressing his mother’s family’s roots.

Obama has shattered presidential campaign fundraising records, raking in more than $265 million as of the end of April. Of that, nearly $10 million was for the general election. McCain, on the other hand had raised nearly $115 million by the end of May.

But Obama’s clear financial advantage over McCain is offset in part by the resources of the Republican National Committee, which has far more money in the bank than the Democratic National Committee. Both national parties can spend money on behalf of the presidential candidates.

In Iowa, McCain criticized his rival for backtracking, reminding reporters that Obama “said he would stick to his word. He didn’t.” The Republican candidate added, “This election is about a lot of things. It’s also about trust. It’s about keeping your word.”

Obama said McCain and the Republican National Committee are fueled by contributions from Washington lobbyists and political action committees.

“And we’ve already seen that he’s not going to stop the smears and attacks from his allies running so-called 527 groups, who will spend millions and millions of dollars in unlimited donations,” Obama said.

Obama campaign lawyer Robert Bauer said he had met with McCain lawyers to discuss terms for both campaigns operating in the public financing system, but he said they could not agree.