Six years ago today the Senate approved the Bipartisan Campaign Finance Reform Act. At the time, many opponents of the bill were warning that the bill would likely result in a weakening of the political parties relative to other advocacy organizations like 527’s, 501(c)4’s and even other political committees.
Appropriate then, that liberal groups chose this week to announce that they plan to spend up to $400 million in the build up to the 2008 general election. For comparison, the Democratic National Committee spent less than $390 million in the 2004 election cycle.
Defenders of the bill argue that BCRA did not inflict irreparable harm onto the political parties by noting, correctly, that political parties today are raising sums in record amounts.
Indeed, this is true – but there is more to the story – after the jump.