CAMPAIGN FINANCE UPDATE

As the Senate geared up for a debate on the McCain-Feingold campaign finance reform bill (McFein for short), which bans soft money, Democratic Senator Robert Torricelli was again grumbling about how the bill is flawed because it doesn't close down the issue-ad loophole. He's essentially right, but that's no reason to vote against McFein, which does close another big loophole. If McFein passes, some soft money might be diverted to issue ads, but some would not, its sponsors believe. Sparking more valid concerns is a provision in the bill that bars corporations and unions from spending money on issue ads within sixty days of an election. That worries labor because the plan does nothing to curb individual spending on such ads. There are plenty of wealthy people with pro-corporate axes to grind. So even if corporate funding of issue ads is banned, the pro-business message will flood out in ads paid for by well-heeled individuals. Labor has few individual supporters with such deep pockets. The unions also oppose raising the $1,000 cap on hard money. Campaign reform groups are wobbling on this one, with some risking a compromise that would index hard-money limits to inflation. But any increase in the hard-money limit makes it easier for wealthy special interests to buy influence and access and does nothing to open up the system to ordinary Americans.

EXTRA! GORE WINS FLORIDA! HELLO?

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