'Millionaire's amendment' rejected

WASHINGTON (CNN) - The Supreme Court has struck down a provision of a federal campaign finance law that allowed opponents of wealthy candidates to exceed strict campaign spending limits. The law was designed to "level the playing field" but the justices, by a 5-4 vote, said it unfairly punishes those who self-finance.

The challenge came from Jack Davis, a wealthy upstate New York businessman who is making his third run for Congress as a Democrat. He narrowly lost in 2006 to five-term incumbent GOP Rep. Tom Reynolds, who is not running for re-election this fall.

The ruling will have an immediate effect on the open seat Davis seeks. Democrats had for months targeted it as a competitive seat favoring their party in 2008.
–From CNN Supreme Court Producer Bill Mears