Obama's campaign said the decision to reject public funding was tough. It is rooted in the unmatched success he has enjoyed in raising money. Through the end of April, Obama brought in more than $265 million, compared with less than $97 million for McCain, according to the nonpartisan Center for Responsive Politics.
Under the public financing system, McCain can raise and spend as much as he wants until he becomes the GOP nominee at the September convention. From that point, the Arizona senator can spend only the $84.1 million from a federal treasury fund. Taxpayers kick into the fund by voluntarily checking off a $3 contribution on their tax returns.
Obama's already deep pool of about 1.4 million donors is expected to swell. He is now absorbing New York Sen. Hillary Rodham Clinton's fundraising machinery, which will provide a jolt.
Obama's senior staff met in Chicago on Thursday with a half-dozen of Clinton's top fundraisers. Those in attendance included John B. Emerson of Capital Guardian Trust Co. in Los Angeles; Thomas F. Steyer of Farallon Capital Management in San Francisco; and Gary Gensler, who was Treasury undersecretary under President Clinton.
Clinton has called on 100 of her top fundraisers to meet with her and Obama next week in Washington, D.C.
Obama is also in a strong position because nearly half of his donors have given less than $200, according to the Center for Responsive Politics. Contributions to the general election are capped at $2,300, so Obama is free to go back to his small donors and ask for more.
Chris Kofinis, a Democratic strategist who worked for John Edwards' 2008 presidential campaign, predicted that Obama could raise and spend $200 million in the "post-convention" period alone.
That kind of money would change the dynamics of the race. Obama can sink cash into historically Republican states, if he chooses, solely to force McCain to defend that territory.
Evan Tracey, head of the nonpartisan Campaign Media Analysis Group, said Obama's strategy against Clinton in the Pennsylvania primary foreshadowed what he might do to weaken McCain. Obama's forces did not expect to beat her, but they spent so much that Clinton was compelled to deplete her resources to preserve victory.
"He can complicate the McCain campaign's electoral math," said Tracey. "They can try to make any state in the country competitive."
