The New York Times editorializes on the need to fix the presidential public financing system and urges that a public financing system be created for Congress as well.

This morning, the Star Ledger in New Jersey editorialized about the presidential public financing system, saying it’s a ”struggling initiative” and is “buried and left for dead.” While the 1974-version of public financing might be dead, there’s increasing support at the state and federal level to fix the presidential system and enact Clean Elections-style full public financing.

The news of Sen. Barack Obama's (D-Ill.) $150 million haul in September with an average donation under $100 combined with Obama's decision to opt out of the partial presidential public financing system gave political prognosticators and pundits the opportunity to declare the death of public financing. They signed the certificate and called the morgue.

Public Campaign Action Fund's David Donnelly contributed to this quick "news you can use" piece on Slate about a loophole in the presidential public financing program that lets participants continue to collect private contributions to pay for "compliance" costs associated with using public funds.  There's no set limit on what you can spend on compliance, so millions of dollars have been raised this way.

Well we have a decision from the FEC on whether Sen. John McCain broke the rules when abruptly backed out of the presidential public financing system for the primary race. In a widely anticipated move the six commissioners at the Federal Election Commission voted unanimously to sign off on McCain's opt-out.

NPR's Marketplace reported on the pending decision by the Federal Election Commission on whether John McCain broke the rules when he opted in, then opted out of the presidential public financing program for the primary election. David Donnelly, of Public Campaign Action Fund's Campaign Money Watch project comments on the controversy here.