Presumptive Democratic nominee Sen. Barack Obama announced Thursday morning he will not take public financing for the general election, making him the first major presidential candidate from either party to completely back away from the federal campaign finance system since its creation in 1974.
Mr. Obama of Illinois revealed the long-anticipated move in a Web video to his massive list of supporters - underscoring the reason he is opting out.
“We’ve made the decision not to participate in the public-financing system for the general election,” he said. “This means well be forgoing more than $80 million in public funds during the final months of this election.”
The move drew sharp rebuke from Republicans and his rival Sen. John McCain of Arizona, who accused the Democrat of breaking a promise to pursue public financing.
McCain spokeswoman Jill Hazelbaker said it showed Mr. Obama is “just another typical politician who will do and say whatever is most expedient for Barack Obama.”
The true test of a candidate for president is whether he will stand on principle and keep his word to the American people. Barack Obama has failed that test today, and his reversal of his promise to participate in the public finance system undermines his call for a new type of politics,” she said, adding the decision to run a campaign entirely on private funds “will have far-reaching and extraordinary consequences that will weaken and undermine the public financing system.”
Congress amended the Internal Revenue Code in 1974 after the Watergate scandal, creating the matching fund program for presidential primary campaigns and leading to the first publicly-funded presidential election in 1976.
Mr. Obama faces charges of hypocrisy since last fall his campaign said he would aggressively consider public financing if the Republican nominee also agreed to do so. When he began to back away from that suggestion during the primary season, his rival Sen. Hillary Rodham Clinton sharply criticized him for going back on his word. Mr. Obama also pledged in a February debate he would sit down with Mr. McCain to try and seek an agreement. A meeting on that topic did not occur.
Mr. Obama argues the system is broken and that he is helping to fix it through his privately financed campaign - which has attracted a record-breaking more than 1.5 million donors who gave an average of $88 each.
Mr. Obama said it was no easy decision, “especially because I support a robust system of public financing of elections.” “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,” he continued.
Here is the rest of his email:
John McCain’s campaign and the Republican National Committee are fueled by contributions from Washington lobbyists and special interest PACs. And we’ve already seen that hes 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.
From the very beginning of this campaign, I have asked my supporters to avoid that kind of unregulated activity and join us in building a new kind of politics and you have. Instead of forcing us to rely on millions from Washington lobbyists and special interest PACs, you’ve fueled this campaign with donations of $5, $10, $20, whatever you can afford. And because you did, we’ve built a grassroots movement of over 1.5 million Americans. We’ve won the Democratic nomination by relying on ordinary people coming together to achieve extraordinary things. You’ve already changed the way campaigns are funded because you know thats the only way we can truly change how Washington works. And thats the path we will continue in this general election. Im asking you to try to do something thats never been done before. Declare our independence from a broken system, and run the type of campaign that reflects the grassroots values that have already changed our politics and brought us this far.
If we don’t stand together, the broken system we have now, a system where special interests drown out the voices of the American people will continue to erode our politics and prevent the possibility of real change. That’s why we must act. The stakes are higher than ever, and people are counting on us.
Every American who is desperate for a fair economy and affordable healthcare, who wants to bring our troops back from Iraq. Who hopes for a better education and future for his or her child, these people are relying on us. You and me. This is our moment and our country is depending on us. So join me, and declare your independence from this broken system and lets build the first general election campaign thats truly funded by the American people. With this decision this campaign is in your hands in a way that no campaign has ever been before. Now is the time to act. Thank you so much.
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