NPR: McCain Rejects Public Financing for Campaign

McCain Rejects Public Financing for Campaign

The co-author of a law designed to limit the influence of money in politics is opting out of public financing for his presidential campaign.

Arizona Sen. John McCain says he won't take federal matching funds, which would have come with strings attached. By rejecting public funds, McCain avoids a $54 million cap on campaign spending.

Both leading Democrats in the race, Hillary Clinton and Barack Obama, have also rejected public funds.

Each of the Democrats has raised more than twice as much money as McCain so far. But McCain's fundraising has picked up since he won the New Hampshire primary. And it's likely to gain more steam now that he's the presumptive Republican nominee.

- Scott Horsley

1:12 PM ET | 02-12-2008 | permalink

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