A Promise Broken?

Although most Americans won't notice it, Barack Obama's decision to abandon public financing for the general election comes with some risks. First, it opens him up to charges of hypocrisy. Wasn't this the same guy who promised to negotiate an agreement by which he'd accept public money, and the restrictions that go with it?

To be sure, there are a number of reasons why Obama would be the first candidate to opt out of the public finance system since the system was set up. First, he's proven to be an extraordinary fundraiser. From the beginning of the race through the end of April, Barack Obama raised an astonishing $266 million dollars. A good deal of that money came from small donors. Some are estimating he'll raise even more to run against John McCain. With that kind of fundraising acumen, why limit yourself to what you get from public financing?

Obama also knows the money he'll raise will serve a second purpose. It will make McCain spend his more limited resources in places he might not otherwise. That fits nicely with DNC chair Howard Dean's 50 state strategy, one the Democrats have avoided the past two election cycles. 

Yet Obama knows he must first weather the political heat for his decision. That heat will come from good government groups and Republicans who see a political opportunity. Today he releases his fundraising report for May.

That means this story has least one more news cycle left.