Obama rejects public funds

Democratic presidential candidate foregoes more than $80m in campaign funds.

    McCain's campaign has dismissed Obama's
    announcement as "expedient" [AFP] 

    Obama has accused McCain and the Republican National Committee of being funded by lobbyists and special interest groups.

    He has also vastly outraised his Republican rival, largely through funds raised in internet campaigns, and will most likely hold the advantage financially even if McCain accepts public money.

    'Extraordinary' consequences

    The public finance system is funded by $3 contributions that taxpayers can make to the presidential fund in their tax returns.

    Obama said in a video statement emailed to journalists that it was "not an easy decision" to forego the money but he was keen for his supporters to "join us in building a new kind of politics".

    "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 said.

    Obama has broken records for presidential campaign fundraising, raising more than $265 million as of the end of April, of which almost $10 million was for the general election.

    McCain, on the other hand had raised nearly $115 million by the end of May. However he also has access to Republican National Committee's funds, which are considerably higher than those of the Democratic National Committee.

    McCain's campaign dismissed Obama's announcement in a statement, saying Obama had "revealed himself to be just another typical politician who will do and say whatever is most expedient for Barack Obama".

    "This decision will have far-reaching and extraordinary consequences that will weaken and undermine the public financing system," the campaign said.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Trichster: A moment of childhood trauma and a minefield of scabs

    Trichster: A moment of childhood trauma and a minefield of scabs

    How an act of abuse on a Kolkata rooftop led to anxiety, triggering the hair-pulling disorder trichotillomania.

    What it means to love a dead child

    What it means to love a dead child

    You must forget all you thought you knew about grief when the landscape of your life has been demolished.

    'Butchered': The Kenyan FGM clinic serving Europeans

    'Butchered': The Kenyan FGM clinic serving Europeans

    Kenya banned FGM in 2011, but Europeans still bring their daughters to underground clinics there to be cut.