The proposed 28th Amendment, as revised in July 2008, would limit the total amount of money that candidates can raise and spend in general election campaigns for the House of Representatives, the Senate, and the Presidency.

It requires the state legislatures and the Congress to establish a fixed budget for each Federal general election, and to partially fund said general elections with general tax revenue (poll and voting taxes are specifically prohibited).

The amendment provides a formula for distributing public campaign funds to qualifying candidates, and strictly limits the amount of private contributions that candidates may raise to augment their share of publicly allocated funds. 

General election campaigns are limited to seventy (70) days' duration.  During this period no individual, organization or committee, other than the candidates' personally authorized General Election Campaign Committees, may sponsor mass media advertising that names, pictures or conveys the identity of any candidate running in the election.