McCain just made what I think will prove to be an enormous strategic blunder. Up until now he has said that he will accept public financing for his general election campaign, a move that triggers spending caps. Obama, for reasons that were never quite clear to me, had previously suggested that if his opponent in the general election accepted caps, he would too. Doing so would have neutralized one of the key strengths of his campaign - his ability to raise a near-endless amount of money. But today McCain has informed the FEC that he plans to give that advantage back to Obama without a fight.
I mean, sure, I'll take it, but wow... what is he thinking?
UPDATE: The Times story suggests that Obama has already opted out of the system for the fall. That would suggest I'm mistaken, but I don't think so. Does anyone know for sure?
UPDATE II: I asked, and a former student / current reader answered:
I agree that this was a mistake for McCain, but staying with financing would have come with some embarrassment. Obama did opt out earlier, but only on the condition that he could opt back in if his opponent did, and Obama would return any money above what he could raise under the caps. So McCain could have taken away Obama's advantage, but it would have been a story when Obama had to opt back in, making McCain look weaker.
And there's much more here from Politico.
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