How Much Needs to Be Spent on a Presidential Bid?

Barack Obama's decision to forego public financing for his presidential election bid makes clear that the presumptive Democratic candidate plans to spend more than the $84.1 million limit for candidates who accept federal funds.

But the tables are turning for the Democrats, who've traditionally been less adept at fund-raising than the Republicans, who've been able to tap big donations from wealthy individuals and corporations. Obama is out to prove that the collective financial muscle of average Americans is greater than the big money donors.

Obama, who raised $265.4 million through the end of April, will now turn to the 1.5 million private donors who contributed to his campaign . But what may be overlooked in the Illinois senator's decision is the $3 tax donation that roughly 10% of taxpayers contribute to the public fund. Not only will McCain be at a financial disadvantage with an $84.1 million spending limit, Obama supporters who have already contributed to the fund, will most likely be asked to give additional money. At least 45% of Obama supporters donated $200 or less.

It may seem like a gamble, but the Illinois senator is no fund-raising amateur.

Over the past two years, he raised more money than John McCain and Hillary, and is expected to raise another $300 million during the general election.

"Obama and his people probably think this is the right practical decision," said Mike Hoyt, editor of the Columbia Journalism Review -- a national watchdog publication "because they can raise so much money. But they surely know they will take heat for the flip-flop on public financing. And they should take some heat." Hoyt refers to Obama's decision to turn down funding after stating he "would be very interested in pursuing public financing."

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