Politico's Vogel: "McCain qualifies for public funds"

On Tuesday, August 28, The Politico’s Kenneth P. Vogel published an article in which he noted that Senator McCain’s campaign had successfully applied for public matching funds. Since it is an issue of paramount importance to the campaign, here is the text. Campaignia will offer some analysis in subsequent posts.

McCain qualifies for public funds

John McCain on Tuesday became the first 2008 presidential candidate to be
found eligible to receive taxpayer dollars for the primary election.

McCain’s application and qualification for the funds are likely to be interpreted by opponents as a sign of desperation, even though it does not lock him into the public financing system.
The Arizona senator has lagged behind the Republican front-runners in the polls and in fundraising. Participating in the public financing system would allow him to get an infusion of loans by borrowing against the promise of taxpayer dollars.

But the system is a trade-off, since it would also cap at about $50 million the amount of cash his campaign can spend during the primary – a limitation that would go into effect immediately.

The leading contenders for the nomination will likely quickly eclipse that level of spending, potentially putting McCain at a distinct disadvantage in early states.
McCain spent $21.9 million in the first six months of the year, according to a report he filed in July with the FEC. It showed he brought in $24.8 million, and racked up $1.8 million in debt. The matching public funds would be provided starting in January, but McCain, once considered the leading candidate for the GOP presidential nomination, could use the FEC certificate promising the funds as collateral for loans.
The maximum amount a candidate could receive is currently estimated to be about $21 million.

You can read the full text of the original article here. You can contact Campaignia at publisher@campaignia.org.