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Obama shuns public campaign funds | Obama shuns public campaign funds |
(10 minutes later) | |
Democrat Barack Obama has said he will not take public financing, allowing him to raise unlimited private funds in his campaign for the US presidency. | Democrat Barack Obama has said he will not take public financing, allowing him to raise unlimited private funds in his campaign for the US presidency. |
His decision means he will forgo more than $80m (£40.5m) that would have been available for him to fight Republican John McCain for the White House. | His decision means he will forgo more than $80m (£40.5m) that would have been available for him to fight Republican John McCain for the White House. |
Candidates who accept public money cannot raise funds from private donors. | Candidates who accept public money cannot raise funds from private donors. |
Mr Obama set records raising money for his campaign for the Democratic nomination during the primary contests. | Mr Obama set records raising money for his campaign for the Democratic nomination during the primary contests. |
System 'broken' | System 'broken' |
The decision reverses his earlier promise to use the federal public financing system if his Republican rival also did so. | The decision reverses his earlier promise to use the federal public financing system if his Republican rival also did so. |
The Obama campaign team said Mr McCain was already using privately-raised funds in his campaign and that the public finance system was "broken". | The Obama campaign team said Mr McCain was already using privately-raised funds in his campaign and that the public finance system was "broken". |
"It's not an easy decision, and especially because I support a robust system of public financing of elections," Mr Obama said in a video message to supporters. | "It's not an easy decision, and especially because I support a robust system of public financing of elections," Mr Obama said in a video message to supporters. |
"But the public financing of presidential elections as it exists today is broken, and we face opponents who've become masters at gaming this broken system." | "But the public financing of presidential elections as it exists today is broken, and we face opponents who've become masters at gaming this broken system." |
He said Mr McCain's campaign was being financed by Washington lobbyists and special interest groups. | He said Mr McCain's campaign was being financed by Washington lobbyists and special interest groups. |
Mr McCain's team however, accused Mr Obama of breaking his promise to take public funding. | |
"This decision will have far-reaching and extraordinary consequences that will weaken and undermine the public financing system," said Mr McCain's spokeswoman Jill Hazelbaker. |