Obama Forgoes Public Financing

Barack Obama announced Thursday that his campaign will not accept public financing in a video sent to supporters.

GOP rival John McCain has repeatedly pressured Obama to hold to pledge made earlier to run on public money during the general election. But the jaw dropping success Obama had raising funds in the Democratic primary, especially online and from small donors, leaves few surprised that Obama has opted out of over $84 million in public funds.

“It’s not an easy decision, especially because I support a robust system of public financing of election,” Obama said.

“But the public financing of presidential elections, as it exists today, is broken, and we face opponents who have become masters at gaming this broken system,” Obama said pointing to 527 groups that he said McCain will not hold back.

Obama forgoing public funds may provide a significant advantage over McCain who has struggled throughout the campaign to raise funds.

Sam Youngman has the story. Here is the video.