Reply #3: Okay, here you go: [View All]

[NastyRiffraff]

2002: McCain-Feingold Bipartisan Finance Reform Act passes.
Among other things, the bill regulates public campaign financing, including a spending limit of $54 million for the primary season.

2007: McCain applies for public financing
Early on, his campaign was struggling for money.

December, 2007: McCain applies for a $4 million bank loan with matching campaign money as collateral.

McCain's foundering campaign gets new life after the Iowa primary; money starts coming in.

February, 2008: McCain, having spent all or most of the $54 million limit, writes the FEC requesting that he back out of the program.
That's permitted provided the candidate hasn't yet gotten federal money, or who have not received a loan using that money as collateral.

Feb. 2008: The FEC tells McCain he can't back out of the system; he can only request.
However, The FEC is unable to vote on the request, since it lacks a quorum of four commissioners.

Feb. 22, 2008: McCain thumbs his nose at he FEC
"It's not a decision. It's an opinion, according to our people."

Feb. 25, 2008: McCain's campaign tells the FEC outright he doesn't need their approval to opt out
It also said he could spend as much as he wants, and that he was still entitled to the share of the matching funds used as collateral for the bank loan.

Note: Overspending the limit can result in a heavy fine, and/or up to five years in jail, per the McCain-Feingold bill.