The 2008 US presidential election marked a significant turning point in campaign finance, showcasing the growing influence of grassroots fundraising and independent expenditure groups. While still adhering to the Bipartisan Campaign Reform Act (BCRA), also known as McCain-Feingold, which regulated soft money and electioneering communications, the landscape was dramatically evolving.
Both Barack Obama and John McCain initially accepted public financing for the general election, promising to limit their spending to around $84 million. However, Obama ultimately opted out of the public financing system, a first for a major party nominee since its inception. This decision, while controversial, allowed him to raise and spend significantly more money than McCain, who remained bound by the public financing limits. Obama’s campaign capitalized on online fundraising, amassing an unprecedented number of small-dollar donations. This demonstrated the power of the internet and social media in mobilizing support and building a broad donor base.
McCain’s campaign, constrained by the public financing system, struggled to compete with Obama’s financial advantage. While he received substantial support from the Republican National Committee, he lacked the resources to effectively counter Obama’s advertising and outreach efforts. This financial disparity played a role in shaping the narrative of the election and impacting voter engagement.
Beyond the campaigns themselves, independent expenditure groups played an increasingly important role. These groups, often organized under Section 527 of the tax code, were able to raise and spend unlimited amounts of money as long as they did not directly coordinate with the campaigns. Groups like MoveOn.org on the left and Swift Boat Veterans for Truth (though formed earlier, it remained influential) on the right spent millions on advertising and voter mobilization efforts, further amplifying the partisan divide.
The Citizens United v. Federal Election Commission Supreme Court case, which would fundamentally reshape campaign finance law, was still two years away. However, the trends visible in the 2008 election foreshadowed the changes to come. The rise of small-dollar donors, the growing influence of independent expenditure groups, and the weakening of the public financing system all contributed to a more complex and less regulated campaign finance environment.
The 2008 election serves as a crucial case study in understanding the evolving role of money in politics. It demonstrated the limitations of existing regulations and the challenges of leveling the playing field between candidates with vastly different fundraising capabilities. The election ultimately paved the way for the era of super PACs and unlimited spending that would define future campaigns.