DOLEFUL DOLLARS: Barack Obama's decision to forgo public financing for his presidential campaign is at once understandable and unfortunate. Obama's low estimation of a system plagued by loopholes, lobbyists and smear-ready 527s is appropriate--"public financing...is broken, and we face opponents who have become masters at gaming this system," he explained. There is a clear strategic rationale for employing his $168 million fundraising advantage to beat John McCain in November. Obama has pledged to overhaul the system once he reaches the White House--his support for the Fair Elections Now Act in the Senate shows a commitment to this issue--and though it's a bitter pill to swallow, some campaign finance reformers are giving him the benefit of the doubt. "His decision today is not one that furthers reform in the short run," read a statement from the Public Campaign Action Fund, but Obama "now has a special obligation to make passage of comprehensive public financing of all federal elections a priority if elected."

Others are less sanguine, like Senate colleague and staunch reformer Russ Feingold, who said flatly, "This is not a good decision." Obama made an early vow to work within the system, and the campaign promised to "aggressively pursue an agreement with the Republican nominee to preserve a publicly financed general election." His change of heart rightly raises questions about his commitment to a politics free from special interests.

Although Obama speaks of a "grassroots movement of over 1.5 million Americans" that has "fueled this campaign with donations of $5, $10, $20," the truth is, his campaign is largely reliant on corporate millions and at times has been misleadingly vague about its donor base. In a February debate, Obama claimed, "We have now raised 90 percent of our donations from small donors," a figure his campaign reiterated after the public financing decision.

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