From Harry -
Here in Florida we just finished a typical primary campaign featuring two Republican candidates for Governor, and two Democratic candidates for Senate, heaping piles of dirt on each other. I got to thinking - somewhere in the past I'd read that court decisions had declared lying in political ads to be protected by the Constitution.
After strenuous research (meaning 30 seconds on Yahoo) I found I was right. What's worse, the Federal Communications Act prohibits broadcasters from refusing to run specific ads - even those known to be untrue - unless they refuse all political advertising. If you're interested, here's a link to a 2008 Time Magazine article on the subject.
Truth in Advertising? Not for Political Ads
Don't believe everything you hear!