According to this article, John McCain is considering withdrawing from public financing, leaving John Edwards as the only candidate still in the race who has agreed to run his campaign on FEC public funding.
The Politico piece goes on to discuss Senator McCain's rationale for considering this retreat from public finance - one which would obviously damage his credibility, given his long-standing record on the question of campaign finance reform. Apparently, the principle concern for the McCain campaign rests on the fact that the funds will not be available until well after Feb 5. Although both Edwards and McCain qualified for matching funds in December, 2007 (around $8.8 million and $5.8 million respectively), the funds are disbursed from the "$3 Tax Checkoff" program - which means that the money becomes available as 2007 tax returns begin to trickle in. (I don't know about the rest of you, but I'm a perpetual April filer... )
In the strange logic of this campaign season, the delay in matching funds payout is considered potentially harmful for the Edwards campaign, while potentially beneficial for McCain. Why? Because Senator Edwards will not retreat from his commitment to FEC public financing guidelines, the delay in getting the money his campaign is owed may prove costly as he heads into Super Tuesday. But, according to the article,
in an ironic twist, it could help McCain, a longtime advocate of public financing, because it might allow him more time to decide what to do.
Though the conventional wisdom is that McCain would be ill-advised to accept the public cash and the spending limits that come with it, his spokeswoman, Jill Hazelbaker, said the campaign hasn’t made a decision and believes it still has flexibility.
She said McCain’s fundraising has picked up since the days when it applied for public funds.
"We’ve raised over 7 million in 2008, and we are confident we will have the resources we need to win,” she said.
In other words, the fact that the $3 Tax Checkoff Fund won't pay out immediately could provide convenient cover for McCain to duck out of public financing altogether. Nice way to have his PAC and lobbyist money and circumvent charges of hypocrisy, too.
Edwards, meanwhile, will take out loans against the eventual public financing funds - so don't forget to check the $3 "Yes" box when you file your tax returns! Actually, the fund generally helps smaller, local candidates more than those in national races, who don't want to be tied down to such strict regulations (e.g., every other remaining candidate in the Presidential race except John Edwards and John McCain).
[edit: cross-posted at the John Edwards blog]