Spin Cycle

Obama's rationale for rejecting public financing (since he won't admit that it's based on his lust for a 2-1 or 3-1 spending advantage) is that his network of small donors is, essentially, the public.

But the Center for Responsive Politics, a campaign finance reform group, points out that 55 percent of his money comes from donors of more than $200, and more than 25 percent comes from donors of $2300.

The group also points out the consequences:

"For the first time since George McGovern faced off against Richard Nixon, the two major candidates will compete on a playing field that is financially uneven. With less than 10 percent of taxpayers traditionally dedicating $3 of their tax bill to the program, McCain will face a challenging $84.1 million spending limit once he accepts his party's nomination at the GOP's summer convention, while Obama will be free to spend whatever he can raise.

"Just through April, Obama had raised more than $265 million since the start of his campaign last year, $8.8 million of which was already earmarked for the general election."