New York Times: Death Knell May Be Near for Public Election Funds

The public financing system for presidential campaigns, a post-Watergate initiative hailed for decades as the best way to rid politics of the corrupting influence of money, may have quietly died over the weekend.

Senator Hillary Rodham Clinton of New York became the first candidate since the program began in 1976 to forgo public financing for both the primary and the general election because of the spending limits that come with the federal money. By declaring her confidence that she could raise far more than the roughly $150 million the system would provide for the 2008 presidential primaries and general election, Mrs. Clinton makes it difficult for other serious candidates to participate in the system without putting themselves at a significant disadvantage.

Washington Post: Clinton Bid Heralds Demise of Public Financing
The public financing system designed to clean up presidential campaigns in the wake of the Watergate scandal may have died on Saturday when Sen. Hillary Rodham Clinton (D-N.Y.) announced her bid for the White House.

Little noticed amid the announcement rollout was a page on her Web site in which she asked potential contributors to give her campaign checks of up to $4,200. That figure signaled not only that she plans to forgo public funds for primary season but also that, if she becomes the nominee, she will not take public money for the general election.

Clinton’s decision will put pressure on other candidates in both parties to follow suit, and if they do, the 2008 campaign will complete what has been the rapid disintegration of a system designed to rein in unlimited spending in presidential campaigns.