Obama Blasts Court Ruling on Campaign Finance

President Obama blasted this week's Supreme Court decision easing limits on campaign spending by corporations and labor unions in his address this morning, saying, "I can't think of anything more devastating to the public interest. The last thing we need to do is hand more influence to the lobbyists in Washington or more power to the special interests to tip the outcome of elections."

Obama said the decision will make it harder to enact financial reforms, close tax loopholes, promote energy independence and protect patients from insurance company abuses—key elements of his domestic agenda. Public servants who stand up to Wall Street banks, oil companies, health insurers and other powerful interests could find themselves under attack when election time rolls around, he said, adding that the White House and Congress will work to develop a "forceful bipartisan response" to the decision.