Friday, March 2, 2007 10:19 p.m. EST
McCain, Obama Make Deal on Financing


Reprint Information
Clinton's Pardons an Issue for Hillary


McCain, Obama Make Deal on Financing


Sens. John McCain and Barack Obama have agreed to accept just public financing for the general election if they are the Republican and Democratic nominees for president in 2008.

Under current federal regulations, candidates can receive taxpayer funds for the election. In return, they are not allowed to raise or spend any additional funds. Some candidates may be able to raise as much as $500 million in private money for the 2008 race, according to the New York Times, and rejecting the public financing.

Under the agreement, each campaign would be limited to $85 million for the general election. Obama proposed the idea in February, and the Federal Election Commission approved it Thursday.

McCain's campaign chairman told the Times that he welcomed the decision."