Dec 5, 2007 -- Introduction of Presidential Public Financing Fix: Statement of Meredith McGehee, Campaign Legal Center Policy Director

The presidential public financing system has died a death of a thousand cuts from opponents seeking to fully restore the prominence of the pay-to-play system in Washington. Born of public outrage in the wake of the Watergate scandals the system has played a vital role in our nation's political discourse over the last three decades.

Public discontent over the mad money race is growing again and we are hopeful that the bipartisan support behind "The Presidential Funding Act of 2007" will harness that sentiment into enacting these long overdue repairs to the system that has figured prominently in the political fortunes of politicians as disparate as Jimmy Carter, Ronald Reagan and Bill Clinton.

Americans have been discouraged by the scandals that continue to erupt in campaigns too busy chasing money to properly vet even those individuals raising hundreds of thousands of dollars for them. Norman Hsu will not be the last bundler to spontaneously combust on a national stage - others are sure to follow when the pressure to raise so much money so consistently never abates.

The major party nominees are expected to raise and spend $500 million dollars each before the polls close on Election Day 2008. If you figure that money will have to be raised in roughly two years from the time their candidacies were announced, you will find that every single day - including holidays and weekends - the eventual nominees will have to raise an average of nearly $700,000 a day.

While it is too late for the coming presidential election, "The Presidential Funding Act of 2007" can repair this important institution in time for the 2012 race. Nearly every attempt to allow the system to keep pace with the times, the costs and the frontloaded primary system has been scuttled over the years by opponents. But, the 2008 race will be like none ever before and if early indications are a bellwether, the public will become increasingly disturbed by the system at work without public financing as a viable option.

The idea of the White House on the public auction block has never sat well with American voters. Their support will be pivotal to push through this critically important piece of legislation.