Delaware's News Journal isn't looking forward to the first $1 billion dollar presidential race and a line of candidates with their hands out: "You can imagine the promises they are making and the debts they will owe." Yes, indeed. But while the paper is right to call for disclosure of the high-powered bundlers behind the mega-fundraising numbers they're wrong to say that it's the best we can hope for.
Many presidential candidates, including most of the Democratic field and John McCain on the Republican side have been supportive of a public financing program for the presidential race and improving it to respond to the changing campaign climate. While the money chase for 2008 is likely to be a brutal one, it could also provide the necessary impetus for an overhaul to the presidential public financing program to be more in line with a Clean Elections model -- and put an end to promises made and debts owed in another $1 billion cycle.