Think the most you can give to help the McCain or Obama campaigns is $2,300 for the primary and $2,300 for the general election? Think again. It is a myth.
The New York Times reports that the fine print in the campaign laws permits donors to contribute FAR MORE than those statutory limits. (See:http://www.nytimes.com/2008/10/21/us/politics/21donate.html?_r=1&scp=1&sq=surpass%20campaign%20limits&st=cse&oref=slogin)
The article also reports that about three times as many donors contributed $25,000 or more to the Obama effort than to the McCain effort, and that the biggest portion of the over $25,000 contributions came – surprise, surprise – from the securities and investment industry.
Obama, who reneged on his original pledge to accept public financing and the lower spending that goes with it, has a campaign war-chest far larger than the McCain campaign. Senator McCain, co-author of the McCain Feingold campaign reform law (“Bipartisan Campaign Reform Act of 2002”) honored his pledge to abide by the public financing limits – much to his detriment in terms of having the ability to pay to get his campaign messages heard.
In the very likely event that Obama maintains his fundraising and spending advantage (right now the Democrats have spent $600 million on the Presidential race to the Republican’s $84 million) , it will mean that the Democrats have outspent the Republicans in both Presidential campaigns this decade. (See: http://www.fec.gov/press/press2005/20050203pressum/20050203pressum.html)
So much for the myth of fat-cat Republicans outspending Democrats.
