While I'm sure the Clinton campaign - which rejected all public financing - would call Obama weak and naive for accepting it now, public financing for the general election will help us win:
1-He can keep raising and spending $36 million a month or more until August 29th.
2-He will then receive $84 million to spend in the last two months.
3-The treasury will pay for the convention, too, $14 million in 2004.
4-That $98 million we'd have to make up can be spent on GOTV by the DNC.
5-The DNC can coordinate another $16 to $18 million directly with Obama.
I'm extremely confident Obama could raise the full $98 million, but I'd rather add another $98 million, and rebuild the party in the process. Thoughts?
UPDATE: Here is a link to a summary of the existing law from the FEC.
Note the $20 million (1974) is inflation adjusted. Kerry got $74 million in 2004 and the number from the Washington Post is $84 million for 2008.
COMMENTS: Here are several comments I think help clarify issues raised.
Regarding the availability of federal funds.
"Basically, they make sure the general election money is there first -- it is. Then for the Conventions. Then they look at the primaries." - Adam B
Regarding the chance the FEC can not get a quorum.
"Obama doesn't have to decide to take public financing until August." - manish
Here is what Obama has already he said about all of this.
Mr. Obama did not rule out the possibility of accepting public financing, but declared on Friday, "I’m not the nominee yet." "If I am the nominee, I will make sure our people talk to John McCain’s people to find out if we are willing to abide by the same rules and regulations with respect to the general election going forward," Mr. Obama told reporters at a news conference in Milwaukee. "It would be presumptuous of me to start saying now that I am locking into something when I don’t even know if the other side will agree to it." - Barack Obama