Obama's Public Financing Quandary Really Isn't One

Why would Barack Obama break what John McCain considers an iron-clad promise to participate in the public financing system?

First, Obama disputes the the premise that he promised to take public money. But this questionnaire makes it clear that Obama promised to participate and, on top of that, would "aggressively" pursue the Republican nominee to make sure he did as well. (His campaign claims that the pledge is no longer operative.)

Now -- to the question at hand.

For one thing, the Republican National Committee will have more money than the DNC. Sources close to the RNC say that the general election budget has been set at about $150 million. Why would Obama voluntarily amputate a few toes when the race hits the fall turn?

Obama has built the most impressive fundraising contraption in the history of presidential politics by leveraging technological advancements, harnessing the power of his own brand and exploiting the relative wealth and youth of his supporters. To borrow a phrase from Thomas Kuhn, he has shifted the paradigm for how we conceive of campaign financing.

Last night, echoing comments he has made before, he said:

"We have created a parallel public financing system where the American people decide if they want to support a campaign they can get on the Internet and finance it, and they will have as much access and influence over the course and direction of our campaign that has traditionally been reserved for the wealthy and the powerful."

In point of fact, Obama could opt out of the system and easily raise $150m from donors contributing no more than $150 a piece. There's been talk that he might cap donations, but I am told by a senior campaign official that Obama hasn't considered that idea.

In any event, the impetus would be on McCain to explain why a million people contributing $150 amounts to something other that public financing.

So -- Obama will go back on his word.

Will be face political consequences? Probably not. Campaign finance is not, and has rarely, if ever, been a non-transient voting issue. Rarely do these sorts of disputes escape the elite bubble and drop down.

And if they do, McCain's argument will be technical -- you broke a promise; Obama's will be operational -- I am participating in a public financing system, one that is inherently more democratic than yours and inherently more healthy for democracy.