Yesterday morning, the U.S. Supreme Court ruled that corporations can spend freely in federal elections.
It's a green light for a new stampede of special interest money in our politics, giving their lobbyists even more power in Washington. Now, every candidate who fights for change could face limitless attacks from corporate special interests like health insurance companies and Wall Street banks.
While the GOP is celebrating a victory for its special interest allies, President Obama is working with leaders in Congress to craft a forceful response that protects the voices of ordinary citizens.
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The Supreme Court decision overturned a 20-year precedent saying that corporations could not pay for campaign ads from their general treasuries. And it struck down a law saying corporations couldn't buy "issue ads" -- which only thinly veil support for or opposition to specific candidates -- in the closing days of campaigns.
The result? Corporations can unleash multi-million-dollar ad barrages against candidates who try to curb special interest power, or devote millions to propping up elected officials who back their schemes.
With no limits on their spending, big oil, Wall Street banks, and health insurance companies will try to drown out the voices of everyday Americans -- and Republicans seem ecstatic.
While opponents of change in Congress are praising this victory for special interests, President Obama has tasked his administration and Congress with identifying a fix to preserve our democracy -- and we need to show that the American people stand with him.
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