Barack Obama, in a video published on his campaign website, announced this morning that he would not participate in the public financing system, forgoing tens of millions of dollars in public funding to instead raise his own money. Obama becomes the first general election candidate to do so since new campaign finance laws were passed in the mid-1970s. Obama had previously committed to the federal financing system if his Republican opponent did as well.

An excerpt from Obama's video announcement:

It's not an easy decision, and especially because I support a robust system of public financing of elections. But the public financing of presidential elections as it exists today is broken, and we face opponents who've become masters at gaming this broken system. John McCain's campaign and the Republican National Committee are fueled by contributions from Washington lobbyists and special interest PACs. And we've already seen that he's not going to stop the smears and attacks from his allies running so-called 527 groups, who will spend millions and millions of dollars in unlimited donations.

McCain communications director Jill Hazelbaker responds:

"Today, Barack Obama has revealed himself to be just another typical politician who will do and say whatever is most expedient for Barack Obama. The true test of a candidate for President is whether he will stand on principle and keep his word to the American people. Barack Obama has failed that test today, and his reversal of his promise to participate in the public finance system undermines his call for a new type of politics. Barack Obama is now the first presidential candidate since Watergate to run a campaign entirely on private funds. This decision will have far-reaching and extraordinary consequences that will weaken and undermine the public financing system."