http://www.washingtonpost.com/wp-dyn/content/article/2008/02/21/AR2008022103141.html?hpid=topnewsThe nation's top federal election official told Sen. John McCain yesterday that he cannot immediately withdraw from the presidential public financing system as he had requested, a decision that threatens to dramatically restrict his spending until the general election campaign begins in the fall.
...But McCain's attempts to build up his campaign coffers before a general election contest appeared to be threatened by the stern warning yesterday from Federal Election Commission Chairman David M. Mason, a Republican. Mason notified McCain that the commission had not granted his Feb. 6 request to withdraw from the presidential public financing system.
The implications of that could be dramatic. Last year, when McCain's campaign was starved for cash, he applied to join the financing system to gain access to millions of dollars in federal matching money. He was also permitted to use his FEC certification to bypass the time-consuming process of gathering signatures to get his name on the ballot in several states, including Ohio. [continued]
Here is the catch: In order to even consider that he might be released from the fifty-three million dollar limit that he agreed to, there needs to be a 4/6 majority in an FEC vote to allow it. But there are four vacant seats at the FEC so a vote isn't possible! In addition to that, he used public funds as collateral for a loan, so this may also bind him legally to using the public funds. And finally, some pundits are saying that he may not have the legal option to resign from the funds now in any event. So, since he has spent about forty-nine million, this all means that he only has ~ four million dollars left to spend betweem now and the convention.
As one pundit observed, McCain may soon be doing press conferences from his front yard.
So here are my questions:
1). With all of that experience, how did he allow himself to get into such a mess?
2). Is this what we are to expect from an old pro?
Obama has tons of money.