Sen. Barack Obama
recently hinted that he might break a promise and opt out of public financing for the general election because he's already "created a parallel public financing system where the American
people decide if they want to support a campaign they can get on the
Internet and finance it."
Meanwhile, Sen. John McCain, who has been badly outraised by Obama -- and Sen. Hillary Clinton too -- is
trying to turn his disadvantage into an advantage by
laying the groundwork to accept public
money and chiding Obama for failing to do so. (Left unmentioned in McCain's rhetoric is that the RNC's general election fund is likely to dwarf that of the DNC.)
While forgoing public financing would certainly be an embarrassment for Obama, he might go ahead anyway. The most obvious reason is that he's already built a fundraising powerhouse that dwarfs his rivals. But he might also have a point about creating a better system of public financing.
For instance, Obama could easily turn a flip-flop story to his advantage by pledging to cap all campaign contributions at $250. Harnessing new voters, his popular brand and the Internet, he could promise to really build a people-based campaign. A million individuals could literally "max out" and feel like they have just as much influence as anyone else.
If you read Obama's statement closely, he may have even hinted at this -- although
Marc Ambinder reports a campaign official says they have not even considered the idea.
It's not without risks, but if Obama did choose to cap contributions there's no way McCain could match him and still be competitive.