How does public financing work?

Posted: Thursday, June 19, 2008 10:45 AM by Domenico Montanaro

From NBC's Domenico Montanaro
With the news of Obama opting out of public funding, here's a primer on how it all would work:

How much money would a candidate get this year if they opt in to public financing?
$84.1 million (In 2004, candidates were eligible to receive $74.62 million for the general election. The FEC adjusts for cost-of-living.)

How does public financing actually work?
After each party's convention, the presidential and vice presidential nominees would submit a letter to the Federal Election Commission that they have agreed to take public funding.

That request would then be reviewed by the Office of the General Counsel at the FEC.

It would then be voted on by the commission, certified and submitted to the Department of Treasury. The Treasury then would issue the check to the candidate or candidates.

The Democratic convention takes place in Denver, Colo., from Aug. 25 to 28; The Republican convention will be in Minneapolis, Minn., from Sept. 1 to 4.

Where does the money come from?
That $3 check off on your tax return.

SOURCE: Federal Election Commission

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Comments

GOOD for you, Senator Obama!

We, the everyday folks in this country, will help you to finance your historic campaign to the Presidency.

My family and I will continue to send you $25 a month, as we have since you began.

My husband and I are in our 60's and, although we thought we saw dismal times during the 60's and 70's, the last eight years of the Bush/Cheney reign have brought this country to the lowest point possible in every possible arena and we had lost all hope.

With Senator Obama's campaign, we (a woman of Italian descent and a man of latino descent) have regained our faith that maybe, just maybe, greatness can be restored to this beloved country of ours at home and abroad.

Thank you, Barack Obama, for bringing intelligence AND leadership AND political acumen AND good judgment AND articulate clarity back into America politics and back into the White House!

Hope is not only for the young.

J. Gordon (Sent Thursday, June 19, 2008 12:11 PM)

It never ceases to amaze me how rascists don't have the balls to say they would never vote for a black candidate, instead they come up with every other reason they can to camouflage their own prejudice. It usually just makes them look stupid!

GAB, Austin, TX (Sent Thursday, June 19, 2008 12:17 PM)

McMayday needs another bailout - this time it's his campaign that's going down

McBearstearns (Sent Thursday, June 19, 2008 12:18 PM)

When there was a question as to how many contributors Obama would get given he was still facing Clinton, it was a reasonable statement. Now that someone mentioned that Obama has 2 million donors, how can think about taking federal money when there are contributors from almost 1% of the population of the country! This level of money wassomething that the Republicans were almost always able to do with soft money. It would be great if more people were contributing, volunteering and voting in each election cycle. This is showing that there is someone who is popular. It would be nice if we didn't need to raise money to run for elected office.

S.B. Stein E.B. NJ (Sent Thursday, June 19, 2008 12:20 PM)

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