The Washington Times - January 21, 2010, 08:40PM

The Supreme Court on Thursday rolled back a number of fundamental provisions in the campaign finance reform legislation known as the 2002 McCain-Feingold law. The high court’s 5-4 decision will allow unlimited corporate and union funds to finance their political advocacy projects. 

One of the authors of the campaign finance reform legislation, Sen. John McCain (R - AZ) told reporters,”I was glad that they kept the soft money ban. I was disappointed with some of the rest of it, but it is what it is.”

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The President saying in a statement issued by the White House, that the decision “has given a green light to a new stampede of special interest money in our politics.”

Senate Minority Leader Mitch McConnell (D - KY) defended the court’s decision saying, “The court took a step toward “restoring the First Amendment rights [of corporations and unions]—By previously denying this right, the government was picking winners and losers.”

Mr. Obama said he would work with members on the hill to try and weaken the impact of the decision. Legislation is already in the works since the decision came down today. Sen. Chuck Schumer (D - NY), chairman of the Senate Rules Committee, announced hearings will be scheduled to look into ways of restricting corporate spending. Mr. Schumer gave a deadline to pass this legislation before election day.