Reply #4: So why is McCain making a big stink about this?

[ProSense]

McCain was counting on limiting the amount of money Obama can spend, thereby leveraging the monies that will be spent by the GOP swiftboating 527s on his behalf. McCain has already come out and said he has no control over them. Yeah, like Bush had no control over the Swift Liars (wink-wink).

In 2004, Kerry agreed to public financing. As a result, during the five weeks after the Democratic convention, when the Swift Liars launched their attacks, Kerry was hamstrung by FEC rules limiting the amount of money he had to spend for a GE that lasted five weeks longer than the GOP's. That's the period between the Democratic Convention, which ended July 29, and the Repub Convetion, which ended Sept. 2.

How does public financing work?

Posted: Thursday, June 19, 2008 10:45 AM by Domenico Montanaro

With the news of Obama opting out of public funding, here's a primer on how it all would work:

How much money would a candidate get this year if they opt in to public financing?
$84.1 million (In 2004, candidates were eligible to receive $74.62 million for the general election. The FEC adjusts for cost-of-living.)

How does public financing actually work?
After each party's convention, the presidential and vice presidential nominees would submit a letter to the Federal Election Commission that they have agreed to take public funding.

That request would then be reviewed by the Office of the General Counsel at the FEC.

It would then be voted on by the commission, certified and submitted to the Department of Treasury. The Treasury then would issue the check to the candidate or candidates.

The Democratic convention takes place in Denver, Colo., from Aug. 25 to 28; The Republican convention will be in Minneapolis, Minn., from Sept. 1 to 4.

Where does the money come from?
That $3 check off on your tax return.