McCain Says Campaign Finance Reform Is Dead

Sen. John McCain says the movement he led to reform how political campaigns are financed is dead.

McCain says the Supreme Court has spoken on the constitutionality of political contributions by corporations. The Arizona Republican had sought to regulate them with a landmark campaign finance law he wrote with Sen. Russ Feingold, D-Wis.

Last week the Supreme Court ruled that corporations may spend as freely as they like to support or oppose candidates for president and Congress.

McCain says there's not much that can be done about campaign financing now. Still, he predicts a backlash over time from voters once they see the amount of money that corporations and unions pour into political campaigns.

McCain spoke Sunday on CBS' "Face the Nation."