Final answer:
A presidential candidate can spend more than the FEC limit by using their own personal funds, as per the Supreme Court decisions in Buckley v. Valeo and Citizens United v. FEC, which respect the First Amendment freedom of speech.
Step-by-step explanation:
A presidential candidate can legally spend more than the Federal Election Commission (FEC) limit if they are using their personal funds for their campaign. According to the Supreme Court's decision in Buckley v. Valeo (1976), spending limits on candidates' own money were deemed a violation of the First Amendment's freedom of speech. The FEC does enforce contribution limits from others, such as individual and PAC contributions, but candidates are free to invest unlimited amounts of their own money into their own campaigns.
Furthermore, in cases like Citizens United v. Federal Election Commission (2010) and McCutcheon v. Federal Election Commission (2014), the Supreme Court has ruled that government limits on campaign spending and the total amounts individuals can donate, respectively, violate free speech protections. The Court's decisions highlight the fact that campaigns can raise and spend above certain limits if they choose to decline public financing provided by the government, a choice that allows forgoing certain spending restrictions.