Sen. Barack Obama notified supporters Thursday that he has decided not to accept public financing for his general election campaign. Under this system, candidates agree to spend only the public funds and cannot raise or spend money directly obtained from individuals.
Obama will then be able to spend an unlimited amount of money during the general election. In doing so, Obama would be the first the major presidential candidate to drop out of the modern campaign financing system for the general election since its creation in 1976 in the post-Watergate era.
Given his record-breaking ability to raise donations over the Internet, the Illinois Democrat likely will be able to outraise and outspend Sen. John McCain, the presumptive GOP nominee.