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McCain runs into a FEC roadblock caused by the lack of 4 commissioners

The New York Times reports: A bank loan that Senator John McCain took out late in 2007 to keep his presidential campaign afloat is complicating his desire to withdraw from public financing for his primary effort.

The Federal Election Commission, in a letter it released on Thursday, said Mr. McCain could not withdraw from public financing until he had answered questions about a $4 million line of credit for borrowing that was secured, in part, in December by the promise of federal matching money.

Mr. McCain sent a letter to the commission on Feb. 7 saying he had decided to decline the matching money for his primary campaign. His request for public money, in which the government matches campaign contributions, was made last year as the campaign was running out of cash.

After his fortunes began to rise from his victory New Hampshire and campaign gifts increased, however, Mr. McCain decided against taking the public money. Taking it would have limited his spending between now and the Republican convention in September to $40 million. -- McCain Loan Complicates Financing of Campaign - New York Times

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