Source:
CNNA Republican-backed bill to halt public financing of presidential campaigns and conventions is coming under fire from the White House.
In a strongly worded statement, the Office of Management and Budget said the House bill, known as H.R. 359, would "expand the power of corporations and special interests in the nation's elections," and that it would "force candidates into an endless cycle of fundraising at the expense of engagement with voters on the issues."
"The administration strongly opposes (the bill)."
The current system was put in place in the wake of the Watergate scandal as a way to avoid private influence in the public process. It took the pressure off qualified presidential candidates by giving them the option of accepting matching funds and grants.
Read more:
http://whitehouse.blogs.cnn.com/2011/01/25/wh-strongly-opposes-gop-bill-to-dismantle-system-of-campaign-financing/