Charlie Neibergall, File, Associated Press
NEW YORK — A cornerstone of U.S. politics since the 1970s, public funding of presidential campaigns may soon go the way of other relics of the era like long sideburns and lava lamps. Neither President Barack Obama nor any of the leading 2012 Republican contenders is expected to accept federal matching funds and the limits they impose.
In fact, opting to take public money to finance a presidential campaign this year is likely to be seen as the mark of a loser.
"I would be shocked if they took matching funds. I don't think that it's a successful model this time, or in the future," says GOP strategist Carl Forti. He's been an adviser to former Massachusetts Gov. Mitt Romney and helped run American Crossroads, an independent group that raised millions to defeat Democratic candidates in 2010.
Obama's record-breaking fundraising in the 2008 campaign allowed him to abandon the public system in both the Democratic primaries and the general election. With his success as a benchmark, top-tier Republican candidates now are planning to go it alone.
The president, who has no Democratic primary race, may become the first candidate to raise $1 billion for the general election in 2012.
Republicans in a wide field must battle each other for the party's private donors. But the emergence of free-spending independent political groups — since the Supreme Court in 2009 cleared the way for unlimited corporate spending in campaigns — is expected to help close the imbalance between Obama and the GOP. Several of the Republicans also have immense personal wealth.
Presidential candidates of both parties once relied on money from the U.S. Treasury as an indispensible part of their budgets. Indeed, the ability to qualify for matching funds was considered an indication of a candidate's strength after the system was put in place following Watergate-era fundraising abuses. The system was intended to reduce candidates' dependence on large contributions from individuals and groups.
Money for the program comes from a voluntary $3 checkoff on Americans' income tax returns. The fund currently contains $195 million, which can be used only for presidential primary and general election campaigns and to subsidize the major parties' nominating conventions.
Over time, the program began to weaken. George W. Bush refused public funding in his 2000 and 2004 presidential primary campaigns but did accept the money in the general election. Several candidates in both parties opted out in the 2008 primaries, but others did accept matching funds, including Democrat John Edwards.
Arizona Sen. John McCain, the 2008 GOP nominee, turned down matching funds for the primaries but then took them in the general election — a move that severely hindered his ability to compete financially with Obama.
For this year's serious GOP candidates, refusing federal funds will be both liberating and daunting.
By refusing matching funds, candidates are potentially forfeiting a lot of money. Edwards received nearly $13 million in matching funds in the 2008 primary, and Joe Biden, now the vice president, accepted over $2 million for his primary run. McCain, the winner of the GOP nomination that year, accepted $84 million in federal funds for the general election, but that barred him from any private fundraising. Obama opted out of the system and raised $264 million.
Among the likely Republican candidates this time:
— Romney, a multimillionaire, turned down public funds in 2008. He raised $66 million and lent his campaign $44 million before eventually dropping out.
He's expected to enter the 2012 field soon and has begun assembling a list of "bundlers" who have been asked to raise $25,000 apiece. He has told donors he hopes to take in $50 million for the primaries — less than his 2008 run but an ambitious figure nonetheless. He has not indicated how much of his personal fortune he will commit.
- Rupert Murdoch vows Fox News without Ailes is...
- Trump's closer is over, Clinton set to snag...
- Ex-KKK leader David Duke says he plans to run...
- Police give all-clear in Munich shooting; say...
- Obama rejects Trump depiction of US in crisis
- Warriors' Draymond Green settles assault case...
- Ex-KKK leader David Duke runs for Senate: 'My...
- AP source: Clinton's choice for VP to be...
- Utah delegates finally stand and cheer... 94
- Sarah Silverman: Bernie-or-bust Dems... 49
- Obama rejects Trump depiction of US in... 41
- Police give all-clear in Munich... 32
- After turmoil, Sanders, Michelle Obama,... 30
- Dems' division, emails roil party on... 28
- Watch live at the Democratic National... 24
- In wake of email hack, Democratic chair... 23