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Arguing in a video message to supporters that "the public financing of presidential elections as it exists today is broken," Barack Obama announced Thursday that he will not accept public funds. John McCain would like to cast that decision as a major flip-flop, but as the Los Angeles Times notes, he's got issues of his own.

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Barack Obama's fundraising machine has exceeded expectations and broken records, so it's no wonder that he has hinted at retreating from public financing, a move his rivals are already trying to exploit. But Taegan Goddard argues that this "flip-flop story" could work to Obama's advantage.

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The Arizona senator has withdrawn his co-sponsorship of a public financing bill that he and Sen. Russ Feingold (along with two House reps) had long championed. People close to the situation say McCain dropped his support because he is likely to run for president and may end up not abiding by public financing rules. We've known for some time that McCain has been doing all sorts of unseemly things in an attempt to lock up the nomination.

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