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New York Sen. Hillary Clinton won't take public funds in her bid for the U.S. presidency, a move that may hasten the end of a financing system set up in the wake of the Watergate scandal.

While politicians previously have declined public financing for primary elections to avoid the system's spending limits, no major party candidate has given up public funds in the general election. The program, designed to curb the influence of major contributors, doled out $75 million each to President Bush and Democratic candidate John Kerry in the 2004 election.

The 2008 campaign is shaping up to be a much more expensive proposition and candidates may not want to abide by the spending limits. Clinton could raise as much as $500 million and the federal grant would probably be $83.8 million, according to the Los Angeles Times, which earlier reported Clinton's decision.

"It is a further nail in the coffin of the public-funding system," said Kenneth Gross, a campaign-finance lawyer at Skadden, Arps, Slate, Meagher and Flom in Washington.

Now even Clinton's Republican rival, John McCain, who has a reputation as a campaign-finance reformer, "would be foolish to impose spending limits on himself," Gross said.

Clinton aide Howard Wolfson confirmed her plan to opt out of the public financing system in the general election, should she win the Democratic nomination.

McCain's advisers are still considering how to handle the issue of public financing.

"Sen. McCain believes the public financing system is not fulfilling its original goal and must be reformed," said Danny Diaz, a spokesman for his presidential exploratory committee.

A candidate who accepts the public funds can't exceed that amount after accepting a party nomination. That gave an advantage in 2004 to Bush, whose nominating convention took place more than a month after Kerry's, allowing the president a longer period to raise money and spend it freely.

By law, an individual can donate $2,100 to a presidential candidate for the primary and another $2,100 for the general election.

"Hillary Clinton's decision to begin raising general election money now is very smart strategically," said Federal Election Commissioner Michael Toner. "It's going to place tremendous pressure on other candidates to follow suit."

"No serious candidate for president in 2008 is going to accept public funds," Toner said.