Fans of both electoral politics and the Supreme Court were gratified today with the front-page news regarding campaign finance regulation.

Today, the Supremes weakened the 2002 Bipartisan Campaign Reform Act, a.k.a. the McCain-Feingold Law.

That’s “McCain” as in “John McCain,” as in “John McCain who is currently struggling to get his party’s nomination for the US presidency, much less to become president.”

While “Proponents of campaign finance reform fear Monday’s ruling will create a major loophole in the legislation and cause an influx of ‘sham issue’ ads that McCain-Feingold was created in part to combat,” those on the winning side of FEC v. Wisconsin Right to Life were effusive.

“Today, the U.S. Supreme Court restored the right of citizens and citizen organizations to engage in grassroots lobbying through the use of broadcast communications,” said Barbara Lyons, Executive Director of Wisconsin Right to Life.

“The Court soundly rejected the attempts by Senators McCain and Feingold and their allies to silence Wisconsin Right Life’s efforts to inform the public regarding an important issue pending in Congress and to urge citizens to contact their elected officials regarding that issue. This is a tremendous victory for all citizens and citizen organizations.”

What does this mean to the McCain for President Campaign? This electoral politics follower would guess “nothing good.” Senator McCain made a name for himself by, well, being a Senator, i.e. getting his name on every high-profile big-headline bit of legislation out there. Not only does this cast a shadow on one of McCain’s good-guy issues, it’s a straight-up loss in court to a bit of the conservative party McCain can ill afford to alienate.

Oops. Looks a lot like “Giuliani in ’08 now,” eh?