Edwards campaign to accept public funding

In a stunning move that was described by one expert as a “Hail Mary” play, John Edwards’s campaign said Thursday afternoon that the former North Carolina Democratic senator will accept public matching funds for the 2008 primary season.

A campaign official told The Hill that the campaign would take in about $7 million for the third quarter, which ends at midnight on Sunday. This would bring Edwards to about $30 million for the year, or about $10 million shy of the campaign’s $40 million goal to compete in the first four states. All of those totals are well below the record-breaking hauls of Edwards’s Democratic rivals, Sens. Hillary Rodham Clinton (N.Y.) and Barack Obama (Ill.). At the end of the second quarter, Edwards had $13.5 million cash on hand. By accepting public funding, the campaign would cap its spending at a sum estimated to be $50 million for the primary.

The decision will give the campaign an infusion of cash that could help win early states. However, if these early results are not achieved, Edwards would not be left with enough money to compete later in the race.

In addition, if Edwards became the nominee, the move could also hamstring his fundraising until the nominating convention.
The campaign said the decision is based on his effort to keep private money out of politics.

“You can’t buy your way to the Democratic nomination — you should have to earn the votes of the American people with bold vision and ideas,” said Edwards’ campaign manager, former Rep. David Bonior (Mich.), in a statement. “This is the most expensive presidential campaign in history, by far. And the simple fact is that the influence of money in politics — and the focus on raising money in this election — has gotten out of control. It’s time to get back to focusing on the issues that matter to the American people. That’s why John Edwards has decided to play by the rules that were designed to ensure fairness in the election process by capping his campaign spending and seeking public financing.”

Edwards challenged other Democrats to follow suit, but it is unlikely that Clinton and Obama will forgo their war chests.