Fox News: GOP Seeks to End Public Campaign Financing

Written by admin on January 28th, 2011

Fox News reports on GOP efforts to end the public financing option in election campaigns.

Fox News

Congressional Republicans are targeting public financing of presidential campaigns, citing deficit worries and calling the current program “welfare for politicians.” Democrats, though, charge it’s an attempt by the GOP to further increase the influence of big donors.

Taxpayers can now choose whether to have part of their bill go to the Presidential Election Campaign Fund — $3 for individual income tax filers, $6 for joint returns.

Ending the program would take $617 million away from candidates over 10 years, according to the nonpartisan number-crunchers at the Congressional Budget Office. The money would instead go into general revenue of the federal government.

The CBO estimates that ending the program would immediately result in $195 million — the amount left in the fund at the end of the 2008 election cycle — going toward the ever-growing deficit.

The House voted Wednesday 239-160, with 10 Democrats supporting the measure, to nix the program, which was part of a slate of reforms enacted after the Watergate scandal.

 

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