Biden will take public financing

[Adelante]

He'll rely on public matching funds, whose benefits and limits have been much argued regarding Edwards, according to an email to supporters:

As you know, we are taking every necessary step in order to compete during the final weeks leading up to the Iowa caucuses on Janurary 3rd. One of these steps includes the campaign preparing a submission in order to qualify for matching funds. What this means is public financing will MATCH every individual contribution up to $250.

http://www.politico.com/blogs/bensmith/1107/Biden_goes_public.html

[Clintonista2]

1. very dissapointing...

How do these candidates expect to compete in a GE with public financing?

[liberalnurse]

2. I am giving to Biden .

I can shell out $100.00. I am a Clinton supporter who would like Biden as well.

[Clintonista2]

5. I like Biden too

The problem is, *IF* Biden wins the nomination, he's going to run out of money in the GE, and thanks to accepting public financing, he won't be allowed to raise any more cash.

[liberalnurse]

10. As the candidate wins

the money follows...in buckets!

[Clintonista2]

13. yea but BY LAW, a candidate who accepts public financing

cannot raise more than a certain amount of cash.

[David Zephyr]

20. You are correct and it's simply insane to put this straight jacket on.

Public financing is the only way to run elections, but when the GOP doesn't do it, it is suicidal.

See my post below reminding folks about how it wiped Bob Dole out.

[Donnachaidh]

21. wouldn't it be NICE *if* he won the nomination

for the *supposed frontrunner* who has all the cash *cough Clinton cough* to donate it to getting a Dem in office? After all -- that is the objective, yes?

Of course, no one will hold their breath for THAT to happen. :eyes:

[Clintonista2]

23. The problem with public financing is:

They cap the amount of money you're allowed to raise. By law, Hillary cannot just "give all her money" to the nominee. If you run out of cash, you're dead in the water.

[gateley]

7. Thanks -- I know it'll be MUCH appreciated - and needed!

:headbang:

[KittyWampus]

3. maybe Hillary could donate some of her left over money to the cause. That's what a team player

would do.

[Clintonista2]

4. You don't really understand how public financing works, do you?

When you accept federal matching funds, a cap is put on how much you are allowed to raise. Did you REALLY think that the government would just give your campaign money without any strings attached?

[KittyWampus]

9. Wait, I thought that once the primaries are over those restrictions do not apply

And that there's only a couple of months in the summer where a candidate might be strapped for cash.

And that's where interest groups can help out?

[Capn Sunshine]

14. Well "Interest groups, 501s, etc

can do promotional "issues ads without restriction during the election, and in te past , they have been very deft at supporting the candidate without mentioning his or her name.

Biden knows the drill, I'm sure they willl work something out if he comes away with the Nomination.

More than likely he's playing for VP would be my guess.

[gateley]

6. It's a difficult call, for the reasons you mention. I'm CURRENTLY pleased

about it because my paltry contributions will be matched, but if he were to get the nom....

But at this point in the race, he apparently had no choice.

[faithfulcitizen]

17. precisely.

[Beaverhausen]

12. Gore accepted public financing in 2000

It's not the end of the world.

[1corona4u]

22. People...don't get in a panic...

he hasn't accepted it yet, merely filed for it;

WASHINGTON (Reuters) - Long-shot Democratic presidential hopeful Sen. Joseph Biden filed on Friday to obtain public financing to keep his campaign alive.

Biden, who has raised $8.2 million for his bid and has spent about $6.3 million, submitted paperwork with the Federal Election Commission to qualify for government matching funds to help him compete in what will likely be the most expensive U.S. presidential campaign in history.

"We are taking every step to ensure that we will have the necessary resources to compete in Iowa and the other early states," said Luis Navarro, Biden's campaign manager.

The Delaware senator's campaign said it would decide over the next month whether to accept the money.

Biden has polled largely in the single digits, well behind front-runners Sens. Hillary Clinton and Barack Obama, who have each raised tens of millions of dollars.

Biden's position as chairman of the Senate Foreign Relations Committee, which deals with the Iraq war, has helped raise his profile among voters.

John Edwards, the former Democratic North Carolina senator who is third in most polls, has already said he would take public financing for his White House bid.

Those who take public funds are required to adhere to strict spending limits. The system, created in the 1970s after the Watergate scandal, is financed by taxpayers who check a box on their tax returns.

The expected high cost of the 2008 White House campaign, which could easily surpass the nearly $300 million raised by President George W. Bush in 2004, made it enticing to opt out of public financing and avoid the spending limits it imposes. Continued...
http://www.reuters.com/article/idUSN0937693520071109

[gateley]

8. A blog comment from the link provided:

His royalties from I Spy must be running out. Maybe his buddy BillCosby could give him a hand?

Never heard THAT comparison, before -- Biden/Robert Culp?

For those of you too young to remember:

[Stop Cornyn]

11. Unless the candidate plans to try and buy the election, matching funds is not a big handicap.

Hillary has $48.1
Obama has $34.6
Edwards has $12.4
Richardson has $5.7
Dodd has $3.9
Biden has $1.8
Kucinich has $.3

The truth is that Hillary, Obama, Edwards, Richardson, Dodd, and Biden have enough money to get through Iowa (45 more days). Kucinich could probably benefit from matching funds over the next 45 days, but he is running to gain a platform for his great message and not running to win. Gravel never raised enough that "matching" would make a difference.

If Edwards, Obama, Richardson, Biden, or Dodd candidate wins Iowa, they'll get the enough money to run through Super Tuesday, and the race won't really go past Mid-February. If they don't win Iowa, they're not going to win New Hampshire either, and if they can't win either of those races, they can't catch Hillary (one possible exception: if Obama or Edwards finishes 2nd in both Iowa and New Hampshire they might still have an outside shot as the not-Hillary candidate once every other not-Hillary candidates falls out).

So ... what does the decision to accept matching funds indicate? It indicates nothing more than the fact that the candidate has chosen to campaign past Iowa no matter how they'll do.

Finally, look at Biden's numbers. Ask yourself: are the federal matching caps even an issue for him? Clearly, not.

[Basileus Basileon]

15. Nice analysis. Thanks. nt

[KittyWampus]

16. thanks, I learned a lot from your post. It sounds very well thought out.

[gateley]

18. I thank you, too. Makes sense! nt

[David Zephyr]

19. Admirable, but suicidal for a national candidate of the Democratic Party.

Ask Bob Dole what happened when he ran out of money in 1996 and Clinton -- who wasn't bound by matching funds limitations -- destroyed him after Dole ran out of money in the death zone between the primaries and the convention when more money is allowed once again to be spent.

I like Joe and John, but this is suicide for any Democrat against the GOP.

I guess he had no other option.