NYT: Obama Proposes Candidates Limit General Election Spending

[DeepModem Mom]

Obama Proposes Candidates Limit General Election Spending
By DAVID K. KIRKPATRICK
Published: February 8, 2007

WASHINGTON, Feb. 7 — Senator Barack Obama of Illinois, a contender for the Democratic presidential nomination, issued an unusual challenge to his rivals on Wednesday. He proposed a voluntary agreement between the two major party nominees that would limit their fund-raising and spending for the general election.

Mr. Obama’s suggestion is notable because the 2008 presidential election is widely expected to be the first campaign since President Richard M. Nixon left office that would be paid for mainly by private donors and waged without legal spending limits.

For the first time in 30 years, the leading candidates in both major parties have indicated that they will not accept public money through the presidential public financing system so that they will not be bound by its spending limits. In previous general elections, the system provided all the money for both major party candidates on the condition that they did not take private contributions.

But the money the public system is expected to provide in 2008 — about $150 million for a candidate’s primary contests, nominating convention and general election campaign — cannot keep up with the flow of private contributions available to the candidates. If the previous patterns hold, the two major party candidates in 2008 could each raise more than $500 million from private contributors, overpowering a nominee who chose to abide by the public financing rules.

Those calculations have already set off a furious fund-raising scramble as well-financed candidates, notably Senator Hillary Rodham Clinton, Democrat of New York, try to stockpile enough early money to scare off competition.

In a Feb. 1 filing with the Federal Election Commission that was made public on Wednesday, Mr. Obama said that he, too, would seek enough private donations to remain competitive, but with a twist. He asked the commission if he could begin soliciting private donations with the understanding that he might later return the money to his contributors. If he won the Democratic nomination, he could then strike a deal with the Republican nominee to return their private donations and use only public money for the general election. For 2008, that would limit each general election campaign to about $85 million....

http://www.nytimes.com/2007/02/08/us/politics/08money.html

[ripple]

1. Fantastic move, Senator!

And yet another reason he should be our nominee. :)

[illinoisprogressive]

Sen. Obama is uncomfortable with the big money grab but, will do so

if he must. He is concerned with campaign financing but, also realizes if to be competetive he will need to raise as much. Good thinking. Bet the others wished they thought of this first. Gives him room to raise $$ but, also positions him as the one trying to lid the money grab

[seriousstan]

2. Hillary says OK...

Byline "The Onyon"

In an unexpected move the Clinton campaign agreed to the concept of not accepting more than the GNP for the primary election. This amount would automatically be advanced to the amount of the national deficit for the general election. Edwards was quoted, off the record, as stating he would simply mortgage his house and compete. Kucinich has been busy organizing bake sales and Nader was quoted as maniacally laughing and screaming..."I pwn u all!!!".

[goclark]

3. Brilliant move on Obama's part nt