Democratic presidential candidate Barack Obama said Thursday he'll bypass the federal public financing system in the general election, abandoning an earlier commitment to take the money if his Republican rival did as well. 
Obama, who set records raising money in the primary election, will forgo more than $84 million that would have been available to him in the general election. He would be the first candidate to do so since Congress passed 1970s post-Watergate campaign finance laws. Sen. John McCain, the Republican nominee in waiting, has taken steps to accept the public funds in the general election.
Obama officials said they decided to take that route because McCain is already spending privately raised funds toward the general election campaign. Obama has vastly outraised McCain, however, and would likely retain that advantage if McCain accepts the public money.
Says public financing of presidential elections as it exists today is broken
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