Chapter 9:
Debt total of all money the federal government owes over time
Deficit yearly shortfall of revenues in a budget
$16 trillion debt
$4.3 trillion budget fiscal year 2012
$1.3 trillion deficit

Campaigns primary [show up and vote] (first primary: NH) or caucus [meetings and after you vote: people make arguments for a candidate] (first caucus: Iowa) * Regional primary or national primary

“Frontloading” states often want their primary or caucus first because they think it’s more influential to go first

McGovern-Fraser Commission: a commission formed at the 1968 Democratic convention in response to demands for reform by minority groups and others who sought better representation. As a result, all delegate selection procedures were required to be open so that the party leaders had no more clout than college students or anyone else who wanted to participate.

Money & Campaigns:

* Candidates need money to build a campaign and get their message out. * There is a common perception that money buys votes and influence

* The 1974 act (Federal Election Campaign Act) and its subsequent amendments did the following:

In brief: The act created the FEC, provided public financing for presidential primaries and general elections, limited presidential campaign spending, required disclosure, and attempted to limit contributions.

* Result of: Watergate scandal (people saw corruption in government) * Meant for reforming campaign finances. * Federal Election Commission (FEC)- a six-member bipartisan agency created by the Federal Election Campaign Fund of 1974. This commission administers and enforces campaign finance laws * Created the Presidential Election Campaign Fund – the FEC is in charge of doling out money from this fund to qualified presidential candidates. * Tax payers can check a box on their taxes ($3) to publically fund presidential primaries/caucuses and the general election (Obama was the first president to reject tax payer money) If a presidential candidate takes the government money, then the candidate must abide by restrictions on spending $ * Matching funds: If a candidate can raise $5,000 in at least 20 states, they’re eligible to the contributions of up to $250 matched by the federal treasury. These candidates must qualify and agree to meet various conditions, ** such as limiting their overall spending to an amount prescribed by federal law** * Provided full public financing for major party candidates in the general election- for each general election, each major party nominee is eligible to receive a fixed amount of money to cover his or her total campaign expenses * Required full disclosure- regardless of whether they accept federal funding, all candidates for federal office must file periodic reports with FEC, listing who contributed and how much money it was. * Limited contributions- congress limited individual donations/contributions to presidential and congressional campaigns to $1,000. Also, limits on PAC donations to candidates & political parties * Buckley v. Valeo (1976): challenged the Federal Election Campaign Act. The Supreme Court ruled that it was a violation of freedom of speech (the portion of the act that limited individual contributions to their own campaign) result you can spend unlimited amounts of your own $ on your own campaign * Another loophole opened in 1979 with an amendment to the act that made it easier for political parties to raise money for voter registration drives, and distribution of campaign material at grass-roots level or for generic party advertising * Soft money- political contributions earmarked for party building expenses at basic level or for generic party advertising. Soft money donations are not subject to contribution limits. (generally from corporations) * McCain – Feingold [Bipartisan (2002), Campaign Reform ACT (BCRA)] Banned soft money: