Lord save me, I'm choosing an AP story as Dean Story of the Day.

It was a really bland day--you don't see just how bad journalism in America is until you cull through the three dozen stories about Dean each day, and two days in a row they're all pretty lame--but this one stuck out not because of the writing or research or insights, just because the news in it may in time prove monumental to the 2004 campaign.

When you run for president, the current deal is the feds match the first $250 you get from each donor, as long as you meet certain criteria of raising certain amounts, and as long as you agree to spending caps in each state. (Which you then try to weasel around, like spending your MA money on Boston TV commercials before the NH primary. (You get a much bigger allotment for a bigger state like MA, and it matters a lot less, but beams into those crucial NH homes.) The total spending limit is $45 million for the whole primary season (I believe through the conventions).

Bush was the first person ever to opt out in 2000, forgoing millions in free money to milk his cronies for much more. He did, of course, used it to crush John McCain, with plenty more to use all spring and summer against Gore. This time he's shooting for $200 million, nearly five times what Dean and the Dems could spend.

Dean had promised to participate in the system earlier this year, but he's been raising so much money that he may be changing his mind. Friday, AP reported that he "backed away from his pledge to adhere to spending limits, saying some advisers want to explore opting out of the Watergate-era public financing system because of his sudden fund-raising success."

Dean raised $7.6 million in the second quarter, and reports coming out of his campaign indicate that Q3 will blow that number away. Money-raising tends to accelerate as we approach and especially enter primary season, so if his campaign continues building and he does shoot hurtle toward the nomination, he could easily surpass the $45 million.

Those are big ifs, of course. The issue right now, I think is not so much the primaries, but the fall. If Dean finds himself in a fight to the death in the primaries, he might have to accept the matching funds to spend every dollar he can get his hands on in the short run. But if he pulls away from the pack and thinks he can win the primaries, he'll start thinking about all that dead time between March and September, when Bush will be pulverizing him on the airwaves, and decide he has to forego the fed money to gamble for more the hard way.

All of which indicates one thing about the current system: the caps are definitely too low. What an asinine choice to impose on candidates. It was well-intentioned and worked for awhile, but it needs some first aid.

And one more thing: Dean was not quite forthcoming about the change:

In an interview Thursday, the former Vermont governor said he did not recall promising to accept public financing and the limits that go with it.  . . . "I was asked very early on and I said I intend to take the match," Dean said. "I think what I said is that we weren't looking into that as an option."

However, in a March 7 interview with The Associated Press, Dean committed to accept the taxpayer money. The promise was echoed by a campaign spokesperson.

"We've always been committed to this. Campaign finance reform is just something I believe in," he said in March. Dean also said his position was not based on any political considerations, such as the size of the field or how much money he can raise.

On Friday, however, Dean cited Bush's plans to raise $200 million -- five times the spending limit -- as a reason for keeping his options open.

That's a little disturbing to read. We like you for your honesty Howard. Don't start making us cringe.

Maybe he just forgot. "Forgot"? He has had a lot on his mind.