Unintended Consequences of campaign finance laws

The dictionary needs to find a picture of Obama and McCain to place next to the word "hypocrisy":

Elizabeth Bumiller reports in the New York Times that John McCain has come up with an interesting way of defusing Barack Obama's financial advantage:

Senator John McCain’s presidential campaign said Thursday that it stood by a year-old pledge made with Senator Barack Obama that each would accept public financing for the general election if the nominee of the opposing party did the same. But Mr. Obama’s campaign refused to reaffirm its earlier commitment.

The McCain campaign’s latest stand on the issue was first reported Thursday by The Financial Times. On Tuesday, one of Mr. McCain’s advisers told The New York Times that the campaign had decided to forgo public financing in the general election, an awkward admission for a senator who has made campaign finance reform a central part of his political persona.

That adviser was speaking on the assumption that Mr. Obama, who has broken all records in political fund-raising and is currently drawing more than $1 million a day, would find a way to retreat from the pledge in order to outspend his opponent in the fall by far. Under public-financing rules, the nominees are restricted to spending about $85 million each for the two-month general election campaign, far less than what Mr. Obama might be able to raise on his own.

On Thursday, in an effort by the McCain campaign to speak with one voice and put the onus for abandoning the system on Mr. Obama, several McCain advisers called on him to make good on his pledge. Mr. Obama was the candidate who proposed the pledge in the first place, in February 2007, a time when he was not raising the prodigious sums he is now.

Mr. McCain, co-author of the McCain-Feingold act of 2002, which placed new restrictions on campaign financing, was the only other candidate to take Mr. Obama up on his pledge.

Previous UC installment here.