Return to Transcripts main page

CNN Live Today

Congress Moves Closer to Campaign Finance Reform

Aired March 20, 2002 - 13:20   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: There's news up on Capitol Hill. In a moment here, we are going to bring in Jonathan Karl and talk about what's happening on the campaign finance front. Jonathan, good afternoon.

JONATHAN KARL, CNN CONGRESSIONAL CORRESPONDENT: Good afternoon, Bill. Well, this is the critical vote. This was the last vote that the proponents of campaign finance reform, John McCain and Russ Feingold had to win, and they did. The Senate, just a few minutes ago, voted by 68 to 32 to go to final passage of campaign finance reform. That final vote is expected at 4:00, but really, this was the critical vote. This is the one where they needed to get at least 60 votes. And they got 68.

Now, before this vote, you got -- by the way, there's some live pictures of the Senate floor. Chuck Schumer, one of those that was a proponent of this bill. But there were some very spirited debate before this vote. Shortly before the vote, I talked to John McCain. He's been fighting for this for seven years. And I talked to him about the very real possibility, the reality that there will be a number of loopholes that will be used to get around what this bill tries to do. Here's what John McCain had to say about millionaire candidates.

(BEGIN VIDEO CLIP)

SEN. JOHN MCCAIN (R), ARIZONA: I think you're -- the incentive for a millionaire to run was the same before either the bill was passed or afterwards. But we do have a so-called millionaire's clause in here that someone will be allowed to raise more money if a millionaire is there. So, it will be a little bit more competitive. But, look, in straight talks, if someone wants to spend $70 million on a Senate seat, they are going to have an advantage.

(END VIDEO CLIP)

KARL: Well, there's a little bit of understatement. Now, as the Senate got ready to vote, Phil Gramm, Republican from Texas, and one of those that's been fighting against John McCain's version of campaign finance reform for many years got very emotional and said this is the most unconstitutional bill he has ever seen in the U.S. Senate.

(BEGIN VIDEO CLIP) SEN. PHIL GRAMM (R), TEXAS: I swore to uphold, protect and defend the Constitution, given my ability to read and understand that document. On that basis alone, I oppose this bill. This bill is as blatantly unconstitutional as any bill which has ever been written, any bill which has ever been adopted by the Congress of the United States. And I just want to mention two areas where it is...

(END VIDEO CLIP)

KARL: Well, strong words there from Phil Gramm. And also the opponents of campaign finance reform, based on that argument, are saying that they are ready to go to court as soon as this becomes law to challenge the constitutionality of it. And, Bill, there's a provision that allows for expediated -- for this to go to the courts right away. As a matter of fact, this goes to a three-judge panel right below the Supreme Court after it becomes law. And after that, right to the Supreme Court. That could all happen before November.

The only last bit of drama now is what happens if the White House, once this is finally passed, the president is expected to sign it into law. We expect a written statement from the White House on that. But then what does he do? Does he have a big signing ceremony there in the Rose Garden with John McCain, somebody he fought bitterly in the presidential primaries, really arguing about this bill, about this proposal. We don't know what happens there, but we're expecting to hear that from the White House right after that final vote, which is expected about 4:00 -- Bill.

HEMMER: All right. Jonathan, thanks. Just in time for "INSIDE POLITICS" and Judy Woodruff.

KARL: Yes.

HEMMER: Got it. Jonathan, thank you.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com