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House bill would end public financing for presidential elections, dismantle oversight agency
WASHINGTON (AP) ' That $3 check-off for election financing would disappear from income tax forms under House legislation that abolishes public financing of presidential elections.
The Republican-backed bill would also dismantle an election oversight agency created after the disputed 2000 presidential election. It is headed for likely passage in the House but faces an uncertain future in the Senate.
Under the bill, the Presidential Election Campaign Fund and the Presidential Primary Matching Payment Account, financed by those $3 voluntary check-offs, would be eliminated with all leftover money going to reduce the federal deficit. The Federal Election Commission now holds a balance of about $200 million.
Republicans say it's time to get rid of a system that has become increasingly irrelevant because of the influx of private spending.