McCain: Obama fundraising hurts public financing

The vast sums of money Barack Obama is raising for the presidential campaign risk the post-Watergate financing reforms, Republican rival John McCain charged Sunday.

By GLEN JOHNSON, Associated Press Writer

Speaking a few hours after Obama’s campaign reported raising a record $150 million in September, McCain said the overall sum the Democrat has raised for his campaign — $605 million — showed the “dam has broken” for future White House races.

He also complained that the identities of people who contributed more than $200 million of Obama’s total take have not been reported, although that is allowable under federal law because the individual donations fall under the $200 reporting limit.

A Pakistani currency dealer counts U.S. dollars at his shop ...

“I’m saying it’s laying a predicate for the future that can be very dangerous,” McCain said on “Fox News Sunday.” “History shows us where unlimited amounts of money are in political campaigns, it leads to scandal.”

The Arizona senator has been limited to spending $84 million for the general election campaign after accepting federal funds under a program created after the Watergate scandal. Obama initially indicated he would adhere to the same limit, but reversed course and became the first post-Watergate candidate to finance a general-election campaign with private funding.

McCain, a former Vietnam prisoner of war, also sloughed off Obama’s endorsement by one of the country’s best known black Republicans….

Related:
Why McCain Has So Little Campaign Money: His Own Law, Ethics

Read the rest:
http://news.yahoo.com/s/ap/20081019/ap_on_
el_pr/mccain;_ylt=AsW3Axp7a.n94_om36auGH2s0NUE

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: