Los Angeles Times (10/20/08); Morain, Dan

The announcement that Barack Obama's presidential campaign raised a record-setting $150 million in September, adding 632,000 new donors in the process, is the latest example of a phenomenon that may be sealing the fate of the public finance system that was created in response to the Watergate scandals. Intended to restrain the corrupting effect that money can play in politics, the system is financed by taxpayers who voluntarily check 'yes' on their annual returns to allow $3 of their taxes to be set aside for the Presidential Election Campaign Fund. Republican nominee John McCain, lacking Obama's small-donor base, accepted the $84.1-million grant from the Federal Election Commission. His campaign has had access to almost $140 million, split among his account, the Republican National Committee and various state accounts. But with Obama's $150 million from September plus $49 million raised by the Democratic National Committee, the Democrats have a vast cash advantage heading into the Nov. 4 election. Obama can vigorously contest traditionally Republican states and still spend freely on expensive television advertising. Republicans and many Democrats are skeptical of public financing of campaigns, so it is unlikely that legislation will pass anytime soon to make accepting public funds a viable selection for a future presidential nominee.(www.latimes.com)

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