Wednesday, July 4, 2012

Uncontrolled Campaign Spending V 92nd Congress - November 17, 1971

For the championship of the United States

Somethings never change.

Campaign finance spending soared in the 1960s. The cost of the 1968 presidential campaign was $300 million — almost double that of 1964. With Republican coffers in 1971 comfortably filled while the Democrats were some $9 million in debt, the Democratic-controlled Congress considered proposals to provide public financing. But President Richard Nixon threatened a veto. Eventually, they compromised on some public financing of presidential elections starting in 1976. Since then, loopholes in the laws have permitted almost unlimited political spending far in excess of the government's contributions and of all previous campaigns. In the year 2000 campaign, more than $300 million had already been spent on political ads alone before the end of September. This cycle is set up to be the most expensive in history.

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