The McCain campaign has incorrectly stated that McCain is doing what Dean did when he withdrew from public financing in his presidential bid, but they have the facts wrong. Dean did not use the promise of matching funds as collateral for a loan. Dean withdrew before the FEC determined eligibility for funds, unlike McCain.
http://www.foxbusiness.com/article/dnc-file-complaint-mccain-campaign-ignoring-fec-law_491713_1.html
No. Dean applied for, and received the waiver. McCain just operated like he had it.
Fail.
The Cap is 54 mil. His funds were all matched with federal dollars, under the agreement that he wouldn’t spend over 54 total in return. He cant spend 53,999,999 then just assume he’s not bound by that restriction any more, WITHOUT actually getting released from it.