House to Vote on Abolishing Campaign Matching Fund

By: The Associated Press
By: The Associated Press

WASHINGTON (AP) -- Republicans say the House will vote next week on abolishing the system of financing presidential candidates and national conventions with federal matching funds.

They say that if passed and signed into law, the measure would save $520 billion over a decade.

House Republicans have promised to vote at least once a week on legislation to reduce federal spending.

Under current law, qualified presidential candidates may receive federal matching funds in exchange for abiding by certain restrictions. The money comes from taxpayers who voluntarily contribute $3 a year when they file their taxes.

The vote is expected on Wednesday, although Republicans did not immediately provide additional details of their plans.

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