Summary
Obama announced he would become the first presidential candidate since 1972 to rely totally on private donations for his general election campaign, opting out of the system of public financing and spending limits that was put in place after the Watergate scandal.
One reason, he said, is that "John McCain’s campaign and the Republican National Committee are fueled by contributions from Washington lobbyists and special interest PACs."
We find that to be a large exaggeration and a lame excuse.