WASHINGTON — The House will vote next week on legislation to end the system of financing presidential candidates and national party conventions with federal matching funds, Majority Leader Eric Cantor announced Thursday.
He put the estimated savings at $520 million over a decade.
Cantor, R-Va., said the vote would be a response to a pre-election project in which Republicans invited the public to vote on proposals for reductions in federal spending.
Under current law, presidential candidates qualify for federal matching funds during the presidential primary season if they can meet a threshold for private fundraising and agree to abide by certain restrictions.
Major-party nominees qualify for additional funds for the fall campaign, as do major parties to stage the elaborate conventions at which they formally nominate candidates for president and vice president.
The money comes from taxpayers who voluntarily contribute $3 a year when they file their federal income taxes.
Backed by Tea Party supporters, Republicans have made spending cuts a cornerstone of their new majority. The Associated Press
