President Obama: "...There is no doubt that money has an impact on what happens here in Washington..."

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Yesterday President Obama participated in a Twitter Town Hall meeting, taking questions from all over the country. Obama responded to one tweet by noting the influence that big money has in Washington, D.C.

President Obama from yesterday: "And public campaign financing is something that I've supported in the past. There is no doubt that money has an impact on what happens here in Washington. And the more we can reduce money's impact on Washington, the better off we're going to be."

President Obama has long been a supporter of public financing, dating back to his days in the Illinois state legislature. And when he was in the U.S. Senate, he co-sponsored the Fair Elections Now Act, which would provide public financing for qualified congressional candidates and empower small donors.

While he opted out of the presidential public financing system in 2008, it made sense. In the 30 years since its introduction, it hasn't been updated. Twitter won't run on computers that were built 30 years ago, so why should a campaign use a 30 year old strategy.

Read the full Twitter Town Hall transcript here.

Learn more about the Fair Elections Now Act here.