It’s not the crime, it’s always the cover-up

It's going to be an interesting week for John McCain. No, not the affair. The money.

John McCain claims himself to be a reformer, especially as relates to campaign financing. He co-wrote the current legislation. He's fought for public financing of campaigns. (He's supposedly not even a fan of 527s, but I digress.)

McCain opted IN to the public financing program back in December when his campaign was floundering. Now, he's raising money, and he wants out. Not that simple. One can opt in to, or stay out of, the campaign financing system, but not both. It's not like a school yard game where you can jump in and out of the circle at will.

McCain did two things that require him to stay in the public system, unless the FEC gives him permission to get out -- first, he used the promise of public funds to guarantee a private campaign loan. (Last November, from Bethesda's Fidelity & Trust Bank for $4 million). Second, he used the promise of public funds to get his name on all the primary ballots. Running a primary drive is expensive -- you need to spend millions to get on all the ballots -- but if you take the public funds, you get an automatic walk on the work necessary to get on the ballots. So, while he technically did not take any dollars from the Feds, he DID get an in-kind contribution from OUR TAX DOLLARS equal to a minimum of $3 million.

The FEC could technically let him out, IF it had a quorum, which it doesn't. There are four open seats due to gridlock between the executive and legislative branches. (FEC appointments have to split between the parties, as an aside.)

If he can't get out, he's about near the cap for primary spending ($54 million). He can make an independent choice as to whether to accept the $85 million for the general election. Independent of 527 monies, of course. If he spends over the cap, he can be fined by the FEC, or they can fine him and turn it over to DOJ, which could conceivably result in jail time.

Once again, had he not been the "McCain" in "McCain-Feingold" -- no one would care that much -- but it is one of his biggest issues, and he must be, and likely will be, held to the highest standards.