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Question I-A:As President, would you support and work to enact legislation to strengthen, keep the same, or repeal the presidential public financing system?OBAMA: StrengthenQuestion I-B: If you are nominated for President in 2008 and your major opponents agree to forgo private funding in the general election campaign, will you participate in the presidential public financing system?OBAMA: Yes. I have been a long-time advocate for public financing of campaigns combined with free television and radio time as a way to reduce the influence of moneyed special interests. I introduced public financing legislation in the Illinois State Senate, and am the only 2008 candidate to have sponsored Senator Russ Feingold's (DWI) bill to reform the presidential public financing system. In February 2007, I proposed a novel way to preserve the strength of the public financing system in the 2008 election. My plan requires both major party candidates to agree on a fundraising truce, return excess money from donors, and stay within the public financing system for the general election. My proposal followed announcements by some presidential candidates that they would forgo public financing so they could raise unlimited funds in the general election. The Federal Election Commission ruled the proposal legal, and Senator John McCain (r-AZ) has already pledged to accept this fundraising pledge. If I am the Democratic nominee, I will aggressively pursue an agreement with the Republican nominee to preserve a publicly financed general election. [emphasis added]
Barack Obama held out the hope of salvaging part of the public financing system for presidential elections. Now he seems poised to drive a nail into it by rejecting the $85 million available to nominees who agree to take full federal funding for the general election. That may be understandable as a matter of campaign tactics; Mr. Obama sits atop a whirring money machine that appears capable of vacuuming up amounts far in excess of the federal check. But going back on his pledge to take public financing if the GOP nominee were to agree to do the same would be an unfortunate step -- and one that reflects badly on Mr. Obama.
But Obama is such a strong fundraiser that he is expected to skip the system of federal election funding -- freeing him from the timing rules and spending caps that come with it. That will give the Illinois senator the ability to air television spots and organize field staff long before the traditional Labor Day start of general-election campaigning. Obama, for example, can use the money to introduce himself to Latino voters, a group that does not know him well even after the 16-month primary season.