ASHINGTON - Having already raised more money than all his Republican competitors combined, presidential candidate George W. Bush yesterday sought to solidify his financial lead by forgoing matching federal campaign dollars, enabling him to spend unlimited funds during the primary season.
The announcement, which has been rumored for weeks, is likely to have a dramatic impact on the campaign. For starters, it sets up an all-out spending war between Bush and Steve Forbes, who has said he will spend whatever it takes from his personal fortune to run a competitive race.
Moreover, it deals a potentially devastating blow to the rest of the GOP candidates, several of whom yesterday accused Bush of trying to buy the election before a vote is cast.
''This is becoming offensive to voters,'' said Lamar Alexander, who has raised $2.1 million compared with Bush's $37 million in the first six months of this year. ''There is such a thing as overkill. One of the privileges we have in this country is to pick our nominees.''
While Bush's decision directly affects primary spending, it also could have a huge impact on the general election. If Bush wraps up the nomination after a few weeks of early primaries, he might have tens of millions of dollars to influence the general election. If that happens, he would avoid the problem encountered in 1996 by Bob Dole, who was nearly broke after a bruising GOP primary battle with the free-spending Forbes and other candidates, leaving him with little money to offset President Clinton's ad campaign during the spring and summer.
If he wins the nomination, Bush could still choose to receive full federal funding for the general election, which was $61.8 million for each major party candidate in 1996.
''I'm competing in the primary against somebody who can write one check,'' Bush said yesterday in Iowa, referring to Forbes. ''I'm mindful of what happened in 1996, and I'm not going to let it happen to me. I'm going to win.''
Meanwhile, Vice President Al Gore, who announced yesterday that he has collected nearly $19 million, said through a spokesman that he will take federal matching funds and abide by the spending caps.
Under federal law, a candidate who accepts matching funds is limited to spending $33 million in the primaries, not including another $15 million for fund-raising and legal costs. By forgoing the matching funds, Bush is giving up a maximum of $17 million in taxpayer funds for use during the primaries. Bush apparently calculated that he could not only raise that $17 million privately, but also far exceed that amount.
All of this is separate from money spent in the general election, which is provided from taxpayer dollars and is expected to be about $67 million for each of the two major party candidates.
Senator John McCain, the Arizona Republican, said in an interview that Bush's decision does not abide by the ''spirit'' of the campaign law and will add to voter cynicism. McCain, however, said he does not think Bush's fund-raising prowess has bought him the election yet.
''People still look at the candidate and make decisions based on things other than money, even if some media people declare otherwise,'' McCain said.
In any case, McCain acknowledged that even if his own legislation to overhaul the campaign finance system is passed by Congress, Bush would still be allowed to opt out of the spending limit as he did yesterday. McCain's bill focuses mostly on eliminating unlimited ''soft money'' contributions to political parties.
Bush's announcement yesterday affects only the spending limits, not contribution limits. Donations to Bush for the primaries will still be limited to a maximum of $1,000 per person and $5,000 per political action committee.
Forbes, meanwhile, plans to match Bush dollar-for-dollar, taking advantage of a provision in federal law that allows a candidate to spend unlimited personal funds if no matching taxpayer dollars are accepted. In 1996, Forbes spent $37 million of his own money, much of it on commercials that attacked Dole and weakened the Kansan in advance of the general election.
The moves by Bush and Forbes have prompted outrage among advocates of campaign finance changes, particularly the self-styled citizen's lobby, Common Cause.
''Governor Bush's decision signals that the 2000 presidential election may be the most expensive ever,'' said Common Cause acting president Donald J. Simon. ''The fund-raising - and potential corruption - will be out of control.''
Ellen S. Miller, executive director of Public Campaign, which advocates an overhaul of the campaign finance system, said Bush is ''free to blow other candidates out of the political water well before the voters of this country even get their fair say.''
