Assistant Senate Majority Leader Dick Durbin (D-Ill.) and House Democratic Caucus Chairman John Larson (D-Conn.) discussed their endorsement of the Fair Elections Now Act early this morning.

Introduced by Durbin and Larson to reduce fundraising pressures on federal candidates, the act offers public funding to qualifying candidates. According to Durbin, fringe candidates would not be allowed to take advantage of public funds.

Durbin explained that by offering public financing for federal candidates, each would be given an equal opportunity to get their voice out to the public through advertisements.

Participation in the act would be voluntary. Those who participate agree to not accept contributions over $100.

To qualify, candidates must raise a small number of contributions of $100 or less from their home state. While an unlimited number of small contributions may be collected, the amount matched, a 4-to-1 ratio, will cap at $900,000 for House candidates and $1.25 million plus another $250,000 per congressional district for Senate candidates.

“Can you be outspent? Of course you can,” Durbin said. “But at the end of the day, I looked at these dollar amounts and thought, ‘I could engage in this system in my home state of Illinois and at the end of the day be confident that I’ll be heard from.”

Larson and Durbin agreed they faced an uphill battle in order to pass the act.

“Forces are convinced that money will prevail,” Larson said. “That the status quo will remain.”

“Opposition comes from those with money and incumbents who think they have a winning formula for re-election,” Durbin said.

Durbin explained that President Barack Obama was an co-sponsor of the act when he was an Illinois Senator, but had not spoken with the President or Chief of Staff Raham Emanuel if he still supported it.

Watch the entire discussion at the Center for American Progress Action Fund.

Visit Common Cause for more information on the Fair Elections Now Act.