In the News: Obama Rejects Public Financing

Sen. Barack Obama told supporters on June 19 that he will not accept public financing for his presidential campaign. The decision means he will forgo more than $80 million in public funds. In exchange for public funds, candidates agree to a cap on the amount of money that can be spent on campaigns. While he says he supports public financing, Obama said the system as it currently stands is broken and would put him at a disadvantage against Sen. John McCain, his likely Republican opponent. Obama repeatedly broke fundraising records during the Democratic primary season, raising more than $270 million.

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