O n most issues, Republican legislators have presented a solid phalanx to give the Bush administration whatever it wants. The exception is campaign finance reform--and the chink in the Republican armor is Arizona Senator John McCain. Should Democrats be cheered? The answer is a qualified yes. For starters, the reform coalition is mostly McCain plus Democrats. The Democrats are thus identified with an overdue set of popular reforms, while George W. Bush, who won election on a tide of unlimited corporate money, is identified with business as usual. The bad news is that the McCain-Feingold bill keeps getting watered down, and it was less than revolutionary to begin with. In the end, Bush will probably sign it, less because he was out strategized and outvoted than because the bill won't make that much difference. The McCain-Feingold bill is necessary because of the collapse of the post-Watergate system of reforms. This legislation, enacted in 1974, was intended to constrain both...