Obama Embroiled in Financing Controversy

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Senator Barack Obama is facing criticism for bypassing public funds.

His decision is a reversal from several months ago, when he wrote "I will aggressively pursue an agreement with the Republican nominee to preserve a publicly financed general election."

Obama re-iterated that stance several times.

"I have promised I will sit down with John McCain and talk about 'can we preserve a public system,' Obama said.

Now Obama claims the entire public financing system is broken.

By opting out, he'll not be limited to what he can spend in the upcoming campaign.

That gives him at a significant advantage, because Obama has broken fundraising records.

Senator John McCain has long championed campaign-finance reform. He's not pleased with Obama's about-face.

"This election is about a lot of things. It's also about trust. It's also whether you can take people's word," McCain said.

McCain says he will take public funds and he says he's not worried about being outspent during the campaign.

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