Obama blasts court decision

President Obama came out swinging today against the Supreme Court's ruling in a major campaign finance case.

In a statement issued by the White House, Obama said the decision "has given a green light to a new stampede of special interest money in our politics."

He added that his administration will work with Congress to soften the impact of the decision. Here's his full statement:

With its ruling today, the Supreme Court has given a green light to a new stampede of special interest money in our politics.  It is a major victory for big oil, Wall Street banks, health insurance companies and the other powerful interests that marshal their power every day in Washington to drown out the voices of everyday Americans.  This ruling gives the special interests and their lobbyists even more power in Washington--while undermining the influence of average Americans who make small contributions to support their preferred candidates.  That's why I am instructing my Administration to get to work immediately with Congress on this issue.  We are going to talk with bipartisan Congressional leaders to develop a forceful response to this decision.  The public interest requires nothing less. 

Democrats are already working on legislation to address the decision, which struck down limits on independent expenditures by corporations and labor groups.

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