The New York Times
Adam Nagourney & Jeff Zeleny

Senator Barack Obama announced on Thursday that he would not participate in the public financing system for presidential campaigns. He argued that the system had collapsed, and would put him at a disadvantage running against Senator John McCain, his likely Republican opponent. With his decision, Mr. Obama became the first candidate of a major party to decline public financing and the spending limits that go with it since the system was created in 1976, after the Watergate scandals.

Jill Hazelbaker, the McCain campaign’s communications director, said later on a conference call with reporters: The true test of a candidate for President is whether he will stand on principle and keep his word to the American people. Barack Obama has failed that test today, and his reversal of his promise to participate in the public finance system undermines his call for a new type of politics.

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