New York Times:
Decision on Finance Rules Is Called Unlikely by May
By GLEN JUSTICE
Published: April 16, 2004
WASHINGTON, April 15 — After two days of debate over new campaign finance rules, members of the Federal Election Commission said on Thursday that it was increasingly unlikely that they would decide on new regulations in time to have a meaningful impact on this year's races.
The commission, which has a history of deadlocks, had set a deadline of May but is struggling with tedious details over how, or whether, to place contribution limits and other restrictions on so-called 527 committees, one of the few remaining ways to collect unlimited campaign contributions.
The organizations, named for the section of the tax code that created them, became targets for new rules in large part because Democratic groups seized upon them as a way to overcome the Republicans' significant financial advantage. In particular, groups like the Moveon.org Voter Fund and the Media Fund have used the unlimited donations to pay for millions of dollars in advertisements that are sharply critical of the Bush administration....
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The decision is an important one in this year's election because Democratic-leaning 527 committees are bolstering the presidential campaign of Senator John Kerry, prompting President Bush and the Republican Party to go on the offensive to try to stop their activities....
http://www.nytimes.com/2004/04/16/politics/campaign/16DONA.html