Taxpayer funding for campaigns all but dead

by - September 04, 2012

President Obama and Mitt Romney agree on at least one way to reduce federal spending: Both candidates have decided to forgo public funds to finance their campaigns.

It marks the first time that the major candidates have refused taxpayers’ cash from start to finish, and likely signals the end of “public financing,” the system of taxpayer-funded campaigns designed to separate potentially corrupting special interests from presidential elections.

It was only four years ago when candidate Barack Obama broke precedent — and a campaign promise — when he turned down public financing and relied instead on his enormous fundraising prowess for spending on the general election.

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