Obama, Clinton sign joint fundraising agreement with the DNC
Democratic presidential rivals Barack Obama and Hillary Rodham Clinton can agree on one thing _ they want their party to have more money, no matter who is the nominee.
By Agencies |
WASHINGTON: Democratic presidential rivals Barack Obama and Hillary Rodham Clinton can agree on one thing _ they want their party to have more money, no matter who is the nominee.
The Democratic National Committee announced Wednesday that it had signed agreements with both campaigns to begin raising money together.
As part of the unusual pact, donors can contribute up to $33,100 (euro21,400) to the newly created Democratic White House Victory Fund. The money would benefit whichever candidate becomes the nominee.
Officials at the DNC said Chairman Howard Dean has been working with both campaigns on the idea since February.
The new arrangement comes as the DNC could use an infusion of money. At the end of March, the DNC had $5.3 million (euro3.4 million) in the bank, compared to $31 million (euro20.1 million) for the Republican National Committee.
The victory fund will not accept money from federal lobbyists or political action committees, in keeping with a restriction that Obama has placed on his fundraising.
If a donor contributed the maximum amount, $28,500 (euro18,400) would go to the Democratic Party and the remaining $4,600 (euro3,000) would be placed in an escrow account until the party has a presidential nominee. The $4,600 would be equally divided into primary election donations and general election donations.
If a donor had already given the maximum permitted to the eventual nominee, the money would be returned. The candidate who does not get the nomination would receive no money.
If the nominee decides to accept public financing in the fall, the general election contributions also would be returned.
U.S. District Judge John D. Bates said the lawsuit was premature because such a complaint must first go to the Federal Election Commission. The DNC had argued that the commission is unable to act because it lacks a quorum as it awaits confirmation of five nominees.
``Unless there is a serious and timely investigation under way by the FEC, we will be back in court in the end of June to hold McCain accountable for breaking the law,'' DNC spokeswoman Stacie Paxton said.
The Democratic National Committee announced Wednesday that it had signed agreements with both campaigns to begin raising money together.
As part of the unusual pact, donors can contribute up to $33,100 (euro21,400) to the newly created Democratic White House Victory Fund. The money would benefit whichever candidate becomes the nominee.
Officials at the DNC said Chairman Howard Dean has been working with both campaigns on the idea since February.
The new arrangement comes as the DNC could use an infusion of money. At the end of March, the DNC had $5.3 million (euro3.4 million) in the bank, compared to $31 million (euro20.1 million) for the Republican National Committee.
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``In signing this agreement, Senator Clinton and Senator Obama are demonstrating their commitment to unifying our party and ensuring that we have the resources needed to win the White House, no matter who the nominee is,'' Dean said in a statement. The victory fund will not accept money from federal lobbyists or political action committees, in keeping with a restriction that Obama has placed on his fundraising.
If a donor contributed the maximum amount, $28,500 (euro18,400) would go to the Democratic Party and the remaining $4,600 (euro3,000) would be placed in an escrow account until the party has a presidential nominee. The $4,600 would be equally divided into primary election donations and general election donations.
If a donor had already given the maximum permitted to the eventual nominee, the money would be returned. The candidate who does not get the nomination would receive no money.
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With Obama approaching the necessary number of delegates to secure the nomination, the deal permits some of Clinton donors to get behind Obama without having to write a check directly to his campaign. If the nominee decides to accept public financing in the fall, the general election contributions also would be returned.
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In another money-related development, a federal judge dismissed a lawsuit by the DNC against likely Republican presidential nominee John McCain. The suit alleged that McCain had violated campaign finance law by improperly using the promise of federal matching funds for his campaign to secure a loan. U.S. District Judge John D. Bates said the lawsuit was premature because such a complaint must first go to the Federal Election Commission. The DNC had argued that the commission is unable to act because it lacks a quorum as it awaits confirmation of five nominees.
``Unless there is a serious and timely investigation under way by the FEC, we will be back in court in the end of June to hold McCain accountable for breaking the law,'' DNC spokeswoman Stacie Paxton said.
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