In a February 29 post on MSNBC.com's First Read political blog, NBC News political director Chuck Todd, deputy political director Mark Murray, and political researcher Domenico Montanaro wrote: “We've noticed today the [Sen. John] McCain/FEC stories -- that McCain very well might have to abide by spending limits before the GOP convention -- are starting to roll in. But why is this only now starting to get more traction, compared with all the stories about [Sen. Barack] Obama waffling on his pledge to accept public funds in the general?” The post continued: “For one thing, the McCain story is much more complicated; certainly the Obama pledge hedge was an easier one to tell. But is this starting to become a problem for McCain? At the very least, it makes it MUCH more difficult to criticize Obama for waffling on public funds...”

Their question -- "[W]hy is this only now starting to get more traction, compared with all the stories about Obama waffling on his pledge to accept public funds in the general?" -- could be asked of NBC's evening news program, Nightly News with Brian Williams, and of Capitol Hill correspondent Kelly O'Donnell. In a February 20 Nightly News report, O'Donnell reported on McCain's criticism of Obama over public financing, but did not report that McCain's campaign obtained a loan in late 2007 that could have required McCain to remain an active candidate, regardless of whether he had any chance of winning, and apply for federal matching funds in order to repay the loan. Nor did O'Donnell report on the potential consequences of that loan. O'Donnell reported that McCain “accuse[d] Obama of backing away from his pledge to cap campaign spending by using only a set amount of taxpayer financing if he's the nominee” and quoted McCain saying, “And that's Washington doublespeak. I committed to public financing. He committed to public financing.”

As the Associated Press reported on February 21: “The government's top campaign finance regulator says John McCain can't drop out of the primary election's public financing system until he answers questions about a loan he obtained to kickstart his once faltering presidential campaign. Federal Election Commission Chairman David Mason, in a letter to McCain this week, said the all-but-certain Republican nominee needs to assure the commission that he did not use the promise of public money to help secure a $4 million line of credit he obtained in November."

According to a Media Matters for America review* of the transcripts in the Lexis/Nexis database, Nightly News has yet to cover the loan to McCain's campaign or Mason's letter.

From the February 20 edition of NBC's Nightly News with Brian Williams:

O'DONNELL: Before John McCain visited voters at an Ohio dairy farm today, he found a way to challenge Barack Obama's credibility with a very familiar word.

OBAMA [video clip]: Something has to change.

O'DONNELL: McCain played off that idea to accuse Obama of backing away from his pledge to cap campaign spending by using only a set amount of taxpayer financing if he's the nominee.

McCAIN [video clip]: I think the American people would expect him to hold to that commitment, especially if we want to bring about change.

O'DONNELL: McCain was riled by a piece Obama wrote for USA Today where Obama did not say he would take the taxpayer financing, but suggested starting negotiations to figure out a limit on private fund-raising.

McCAIN [video clip]: And that's Washington doublespeak. I committed to public financing. He committed to public financing.

O'DONNELL: McCain turned to foreign policy and made a stinging judgment, saying Obama doesn't grasp the fundamentals after Obama talked publicly about his willingness as president to strike terror targets inside Pakistan without telling that government.

*A search of Lexis/Nexis NBC News database for “SHOW(Nightly News) and (public or matching) and date geq (2/9/2008)” and another search for “SHOW(Nightly News) and Federal Election or loan or Mason or FEC or fidelity and date geq(11/1/2007)” yielded these results.