LET'S DO IT

Does he really mean it? After promising a New Hampshire voter five months ago that he would help form a panel on campaign finance reform, House Speaker Newt Gingrich has finally asked President Clinton to collaborate on a 16-member, bipartisan commission to address the issue. "Gingrich has no choice but to be serious," says TIME's Jeffrey Birnbaum. "Not only is it a top priority of the powerful Republican freshman class, it's become a hot campaign issue." Among the early Gingrich proposals: that PACs be limited to $1,000 contributions while raising the individual giving ceiling to $5,000, a reversal of current limits.