General Election
The Presidential nominee of each major party (one whose candidate received more than 25% of the vote in the previous election) may become eligible for a public grant of $81.78 million (if the election were held in 2007). To be eligible to receive the public funds, the candidate must limit spending to the amount of the grant and cannot accept private contributions for the campaign. After the conventions, candidates raise funds for general election legal and accounting compliance funds (GELACs), which are to exclusively to pay for legal and accounting expenses for the campaign. They can also pay for recounts, since that is considered a "winding down" expense allowed under regulations. These expenditures are not subject the above limit. However, in 2007, the FEC ruled that up to 5% of broadcast advertising can be paid for using GELACs, since that is time nominally spent on the required disclaimers under the Bipartisan Campaign Reform Act, namely I approve this message.
In addition, candidates may spend up to $50,000 from their own personal funds. Such spending does not count against the expenditure limit.
Minor party candidates and new party candidates may become eligible for partial public funding of their general election campaigns. (A minor party candidate is the nominee of a party whose candidate received between 5 and 25 percent of the total popular vote in the preceding Presidential election. A new party candidate is the nominee of a party that is neither a major party nor a minor party. This includes most "independent" candidates, because they run on a token party line.) The amount of public funding to which a minor party candidate is entitled is based on the ratio of the party's popular vote in the preceding Presidential election to the average popular vote of the two major party candidates in that election. A new party candidate receives partial public funding after the election if he/she receives 5 percent or more of the vote. The entitlement is based on the ratio of the new party candidate's popular vote in the current election to the average popular vote of the two major party candidates in the election.
Although minor and new party candidates may supplement public funds with private contributions and may exempt some fundraising costs from their expenditure limit, they are otherwise subject to the same spending limit and other requirements that apply to major party candidates.
Read more about this topic: Presidential Election Campaign Fund Checkoff
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