A federal court (the story doesn't say which one) just gutted McCain Feingold, striking down the ban on corporate and union contributions, and the limits on election-time ads. It will probably go to the Supreme Court now, which will hopefully put a wooden stake through this constitutional atrocity.

[Update a few minutes later]

Here's a fuller description. It was a three-judge appeals court "fast track" panel.

[Late afternoon update]

Here are more details yet.