Legislative Background on Public Financing
Recent Action by Congress on Funding Presidential Campaigns
The viability of the public financing system for presidential elections has been in doubt for years. The program, created in 1976, offers qualified primary and general election candidates funds raised through a voluntary checkoff (currently $3) on individual Federal income tax returns. In 2000, then-presidential hopeful George W. Bush was the first primary candidate to decline the money. In 2008, Barack Obama became the first candidate to opt out of the funding in a general election campaign. Meanwhile, the amount of money raised through the process has gone steadily downward. Some have also called for the elimination of the Election…
