McCain Returns $3 Million in Checks for General Election
In another sign that Sen. John McCain is moving towards public financing of his presidential bid, his campaign has returned $3 million in checks to contributors who had donated money for the general election in the fall.
The Boston Globe reports that the McCain campaign is now asking contributors "to write new checks to a special fund created to help the Arizona senator pay legal and accounting expenses related to compliance with the public funding system."
"The move is largely procedural, and McCain's campaign said yesterday that it has not yet decided whether to accept public funding or to raise money on its own for the November presidential election. But the decision to return checks - which was made as the Democratic candidates announced raising $60 million combined in March, nearly as much as McCain had raised for the entire campaign through February - indicates that McCain is laying the groundwork for doing so."
"Senator McCain has made it clear that he expects to participate in the general election public financing system, and he hopes the Democratic nominee will do so as well," Brian Rogers, McCain spokesman, said in a statement. "The campaign reserves the right to change course, but these developments reflect our current plans."
This year, a candidate who accepts the terms would be limited to about $84 million in spending.
But Peter Overby, NPR's expert on campaign finances, tells the News Blog that McCain faces a problem with the Federal Election Commission. The way public financing works is that the candidate will receive that $84 million check from the FEC on the last day of the candidate's convention. But before than happens, it must be voted on and approved by the FEC board. And right now, there are not enough members for a quorum.
1:30 PM ET | 04- 4-2008 | permalink

