McCain needs more money???

[JAHOGS]

http://news.yahoo.com/s/ap/20070828/ap_on_el_ge/mccain_campaign

what does this story mean for McCain and for Dr. Paul and the other candidates. I don't understand it

[Cowlesy]

Over the past month, speculation has run rampant that McCain was maneuvering to simply collect public matching funds to retire his debt, and then would bow out of the race.

Hazelbaker flatly denied that notion: "Absolutely not."


WOW.

[amberj]

I'm not quite sure what this means, but I don't like the sound of "public funds". Why should one candidate get public funds when the others do not? And where exactly do these "public funds" come from? I wish McCain would just go away already. He's like a fly buzzing around my head. I'm just waiting for him to find a window.

[Mani]

Does Campaign Finance Reform include getting Public Funds? McCain would know...

[Original_Intent]

How Matching Funds Work
In addition to regular quarterly or monthly disclosure reports, presidential candidates who seek matching funds must submit information about matchable contributions to the FEC for review. During the 2004 campaign the Commission will place these files on our Internet site. The files are provided as excel and PDF files, and are stored in compressed form so they must be unzipped after downloading.

Contributions from individuals where the aggregate amount contributed by the individual is $250 or less are eligible to be matched on a dollar for dollar basis from the Presidential Election Campaign Fund. This Fund includes proceeds from the voluntary check-off of $3 per person from income tax returns of eligible taxpayers. Candidates may submit any contribution from an individual (including those where the contribution amount is more than $250) in order to receive matching funds for the first $250 of the contribution. Some contributions included in these files, therefore, will also be included as detailed entries in the regular financial disclosure reports submitted by the campaigns.

All submissions are reviewed by the Commission to be sure that supporting documentation is in order and that there are no errors in the file before federal funds are certified to be paid. As a result, some contributions may be rejected and campaigns may resubmit rejected contributions if additional supporting material is provided. This means that specific contributions may appear more than once in the files of a particular candidate, so considerable care is required when interpreting these data.

There are two types of submission, threshold and regular. The threshold submission is only used to establish the eligibility of the candidate for matching funds. (Candidates become eligible when they receive at least $5,000 in matchable contributions from individuals in each of twenty states.) All contributions appearing on threshold submissions will also appear in the first regular submission from the campaign.

Finally, note that 2 U.S.C. Section 438a(4) states that "… any information copied from such reports or statements may not be sold or used by any person for the purpose of soliciting contributions or for commercial purposes. . .".

source: http://www.fec.gov/finance/2004matching/matching.shtml#how

[Mani]

How Matching Funds Work
In addition to regular quarterly or monthly disclosure reports, presidential candidates who seek matching funds must submit information about matchable contributions to the FEC for review. During the 2004 campaign the Commission will place these files on our Internet site. The files are provided as excel and PDF files, and are stored in compressed form so they must be unzipped after downloading.

Contributions from individuals where the aggregate amount contributed by the individual is $250 or less are eligible to be matched on a dollar for dollar basis from the Presidential Election Campaign Fund. This Fund includes proceeds from the voluntary check-off of $3 per person from income tax returns of eligible taxpayers. Candidates may submit any contribution from an individual (including those where the contribution amount is more than $250) in order to receive matching funds for the first $250 of the contribution. Some contributions included in these files, therefore, will also be included as detailed entries in the regular financial disclosure reports submitted by the campaigns.

All submissions are reviewed by the Commission to be sure that supporting documentation is in order and that there are no errors in the file before federal funds are certified to be paid. As a result, some contributions may be rejected and campaigns may resubmit rejected contributions if additional supporting material is provided. This means that specific contributions may appear more than once in the files of a particular candidate, so considerable care is required when interpreting these data.

There are two types of submission, threshold and regular. The threshold submission is only used to establish the eligibility of the candidate for matching funds. (Candidates become eligible when they receive at least $5,000 in matchable contributions from individuals in each of twenty states.) All contributions appearing on threshold submissions will also appear in the first regular submission from the campaign.

Finally, note that 2 U.S.C. Section 438a(4) states that "… any information copied from such reports or statements may not be sold or used by any person for the purpose of soliciting contributions or for commercial purposes. . .".

source: http://www.fec.gov/finance/2004matching/matching.shtml#how


Who checks off this box? Your telling me there's millions of dollars sitting in public campaign funds from this little optional check box on your Income taxes???

[SeanEdwards]

I'm not quite sure what this means, but I don't like the sound of "public funds". Why should one candidate get public funds when the others do not? And where exactly do these "public funds" come from? I wish McCain would just go away already. He's like a fly buzzing around my head. I'm just waiting for him to find a window.

I think the way it works is this: a candidate can accept government provided matching funds, but doing so sets a ceiling on the amount of money they can spend. I think generally, serious candidates don't go for the matching funds, because they raise, and spend, much more by rejecting the matching funds. I believe Paul has stated that his campaign does not intend to apply for the government handout. It's something for loser candidates to give the process a veneer of fairness.

[JAHOGS]

So what does this all mean for McCain and the other candidates? Should we expect McCain to gain momentum by doing this or will he continue to fold?

[Original_Intent]

How Matching Funds Work
In addition to regular quarterly or monthly disclosure reports, presidential candidates who seek matching funds must submit information about matchable contributions to the FEC for review. During the 2004 campaign the Commission will place these files on our Internet site. The files are provided as excel and PDF files, and are stored in compressed form so they must be unzipped after downloading.

Contributions from individuals where the aggregate amount contributed by the individual is $250 or less are eligible to be matched on a dollar for dollar basis from the Presidential Election Campaign Fund. This Fund includes proceeds from the voluntary check-off of $3 per person from income tax returns of eligible taxpayers. Candidates may submit any contribution from an individual (including those where the contribution amount is more than $250) in order to receive matching funds for the first $250 of the contribution. Some contributions included in these files, therefore, will also be included as detailed entries in the regular financial disclosure reports submitted by the campaigns.

All submissions are reviewed by the Commission to be sure that supporting documentation is in order and that there are no errors in the file before federal funds are certified to be paid. As a result, some contributions may be rejected and campaigns may resubmit rejected contributions if additional supporting material is provided. This means that specific contributions may appear more than once in the files of a particular candidate, so considerable care is required when interpreting these data.

There are two types of submission, threshold and regular. The threshold submission is only used to establish the eligibility of the candidate for matching funds. (Candidates become eligible when they receive at least $5,000 in matchable contributions from individuals in each of twenty states.) All contributions appearing on threshold submissions will also appear in the first regular submission from the campaign.

Finally, note that 2 U.S.C. Section 438a(4) states that "… any information copied from such reports or statements may not be sold or used by any person for the purpose of soliciting contributions or for commercial purposes. . .".

source: http://www.fec.gov/finance/2004matching/matching.shtml#how

Also see http://www.fec.gov/pages/brochures/pubfund_limits_2007.shtml

for spending limits a candidate is subject to if he accepts public funding

[surf]

"Over the past month, speculation has run rampant that McCain was maneuvering to simply collect public matching funds to retire his debt, and then would bow out of the race."

what a ... well, you guys know.

[V-rod]

The matching funds would give McCain points to stay in, but sadly it would be canceled out by the scrutiny he would receive from some some of his supporters, and negate some possible future voters.

[Johnnybags]

and be prominently displayed front and center next to Romney and the Ghoul as a CFR frontrunner? Oh, how much time will the second teir get? 5 minutes as Romney flips again and suddnely becomes a constitutionalist? Oh the Irony, are the Republicans that dumb?

[Mani]

I guess a lot of people did check off the $3 box:

http://www.fec.gov/pages/brochures/checkoff.shtml

What Happens to My Three Dollars?

When you check "yes," three of your tax dollars are placed in the Presidential Election Campaign Fund. During each of the last five years, approximately 33 million taxpayers have checked the "yes" box.

http://www.fec.gov/ans/answers_public_funding.shtml#whatispublicfunding

What is the public funding program?

In an effort to reduce the role of large private contributions in Presidential elections, Congress created a public funding program that uses tax dollars to:

1. Match the first $250 of each individual contribution that an eligible Presidential candidate receives during the primary campaign;
2. Finance the major parties' national nominating conventions (and help finance eligible minor parties' conventions); and
3. Fund the major party nominees' general election campaigns (and assist eligible minor party nominees).

For additional information on the public funding program, consult our "Public Funding of Presidential Elections" brochure and our 1993 report entitled The Presidential Public Funding Program.

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Who is eligible for public funding?

To be eligible for public funds, a Presidential candidate or a party convention committee must first submit a letter of agreement and a written certification in which the candidate or committee agrees to:

* Spend public funds only for campaign-related expenses or, in the case of a party convention, for convention-related expenses;
* Limit spending to amounts specified by the campaign finance law;
* Keep records and, if requested, supply evidence of qualified expenses;
* Cooperate with an audit of campaign or convention expenses;
* Repay public funds, if necessary; and
* Pay any civil penalties imposed by the FEC.

Primary candidates must additionally certify that they have met the "threshold requirement" for eligibility by raising more than $5,000 in each of 20 states. Presidential campaigns seeking public funding should consult the Guideline for Presentation in Good Order (2008) [Word] [PDF] [Appendices] for detailed guidance.

For additional information, consult our "Public Funding of Presidential Elections" brochure.

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How much money do the participants get?

During the primaries, eligible candidates receive matching payments for the first $250 of each individual contribution the raise, but their total receipts of public funds cannot exceed half of the national spending limit for the primary campaign.

The grants for the major parties' conventions and general election nominees are adjusted each Presidential election year to account for increases in the cost of living. The major parties are each entitled to $4 million (plus cost-of-living adjustments) to finance their national Presidential nominating conventions. The major party nominees may each be eligible for a public grant of $20 million (plus a cost-of-living adjustment) for campaigning in the general election.

In 2004, each major party received $14.924 million in public funds for their conventions, and the parties' general election nominees were eligible to receive $74.62 million in public funds

For additional information on primary matching fund certifications, consult our news releases.

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Where does the money come from?

The public funding of Presidential elections is not financed by a standard Congressional appropriation. Instead, the program is funded by the three dollar checkoff that appears on federal income tax forms.

For more information, consult our brochure, " The $3 Tax Checkoff."

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What happens if there isn't enough money to fund the program?

When a shortfall occurs in the Presidential Fund, the Secretary of the Treasury allocates the remaining funds among the eligible candidates and committees. The law requires that priority be given first to party nominating conventions, then to general election nominees and last to primary election candidates. If there are insufficient funds for the primary election candidates, the Treasury provides only partial matching funds.

[angelatc]

and be prominently displayed front and center next to Romney and the Ghoul as a CFR frontrunner? Oh, how much time will the second teir get? 5 minutes as Romney flips again and suddnely becomes a constitutionalist? Oh the Irony, are the Republicans that dumb?

Welcome to my world. I find it extrmely hard to live in a world where most of the people are stupid enough to believe what politicians say, rather than see what they did.

[Wyurm]

If he can't handle his campaign for a few short months on 25 mil, then how on earth is he going to handle the office of President? I say let him take the matching funds and go.

[Mitt Romneys sideburns]

He ran out of funds in New Hampshire, and needs the extra cash to pay for a bus ticket back to Arizona.

[DjLoTi]

He ran out of funds in New Hampshire, and needs the extra cash to pay for a bus ticket back to Arizona.

Are you saying he currently has barely any COH?

[V-rod]

Are you saying he currently has barely any COH?

He cut much of his staff, but he doesn't want to give up the luxury jet rides!

[LibertyEagle]

I swear, if I hear him say "my friends" one more time, I think I'm going to be sick.

[Original_Intent]

I swear, if I hear him say "my friends" one more time, I think I'm going to be sick.

Only acceptable in the sentence "My friends, the time has come to bow out..."

[Mani]

Only acceptable in the sentence "My friends, the time has come to bow out..."


...Now that I've taken $6million and paid off my debts.

If there's one guy that knows how to manipulate the system, it's the guy who wrote the frickin reform bill.

[mtmedlin]

He cut much of his staff, but he doesn't want to give up the luxury jet rides!

Actually he missed an event recently because he is flying commercial and the flight was delayed. I laughed so hard my nuts hurt. Oh, how the mighty have fallen.

[Keith]

I still can't imagine anyone checking that little box on the tax return.

[Mani]

I still can't imagine anyone checking that little box on the tax return.

I get angry when I see that box. As if they haven't gouged me and made my life miserable enough, they have the gall to ask me for more money!

The few people at work I asked said the same thing.