In 2008, President Obama proved that politicians do not need taxpayers' help to raise gobs of money and win presidential elections. So the new bill H.R. 359 dispatches with the entire system of public financing, and transfers all of the money in it back to the federal Treasury.
CBO says that this bill will save $617 million over 10 years. That's not a lot, but you've got to start somewhere. If it passes, you can still give to campaigns, but you have to do it without help from the IRS.
Meanwhile, Speaker Boehner and Sen. Joe Lieberman, I-D-Conn., will be introducing legislation tomorrow to bring back the D.C. school choice program.