Campaign Finance Reform- For Real?

This seems like it could be a response to Hillary Clinton's demand that Obama return $1.3 million in campaign funds raised by Geffen at a Hollywood fundraiser. (See earlier post for details.) However, this has been in the works since before Clinton's demand to return the money. Now, the big question is whether Clinton will jump on this bandwagon of pledging not to exceed $85 million and returning money if necessary....This remains to be seen.

Senator John McCain joined Senator Barack Obama on Thursday in promising to accept a novel fund-raising truce if each man wins his party's presidential nomination.

In every election since Watergate, candidates have received limited sums of taxpayer money on the condition that they abstain from raising or spending any more. But this year, the leading candidates are all sidestepping the system in a competition to raise far more in private donations, more than $500 million each, according to most projections, compared with $150 million in potential public financing.

McCain said that he would take up Obama on a proposal for an accord between the two major party nominees to rely just on public financing for the general election.

Such a pact would eliminate any financial edge one candidate might have and limit each campaign to $85 million for the general election. The two candidates would have to return any private donations that they had raised for that period.

Obama laid out his proposal last month to the Federal Election Commission, seeking an opinion on its legality. The commissioners formally approved it on Thursday. Obama would "aggressively pursue an agreement" with whoever was his opponent.

McCain and Obama have backed changing campaign finances.