WASHINGTON -- The experts are calling it the end of the road for the public-finance system that has propped up our presidential nominating system for 30 years. Candidate George W. Bush started the ball rolling by declining the opportunity to take federal money in his race in 2000 -- opting instead for unlimited spending and raising a record $106,000,000. He is topping that now with probably twice that amount in his current contest for re-election, and now, two Democratic candidates are opting out of the matching-funds program to avoid the spending limits that would come with the federal money.

The decision by then-candidate Bush in 2000 was based largely on two factors -- his confidence in his ability to raise large sums of money from the enormous Bush family network, and the looming opposition from Steve Forbes, a billionaire candidate who was financing his own campaign and would uninhibited by any spending limits. It was a practical and pragmatic rationale. Bush proved that he could raise plenty of money and while the Forbes candidacy failed early, he was not going to be defeated for lack of resources.

This year, the two Democrats have different reasons, but quite valid ones for opting out of the funding program. The Democratic nominating process has been compressed. The victor is likely to be evident before April 1, maybe even in early March. The formal nomination will occur on July 29. Under the Federal Election Commission matching-funds regulations, a candidate who accepts the federal funding will be limited in his spending until the formal nomination is made. In this case a lag of 90-120 days after his nominating battle has been concluded.