A group of political donors is supporting a proposal for public financing of campaigns, according to this report.

The 58 deep-pocketed donors, under the umbrella of the Public Campaign Action Fund, will make their plea in a letter Wednesday to be delivered to every Democratic member of Congress, CNN has learned.

“With so much at stake in Washington today, we believe it is shortsighted to continue down the present unsustainable path of skyrocketing campaign spending,” the donors write in the letter obtained by CNN. “The Fair Elections Now Act is a common sense idea whose time has come, a change that will set us on a better path in the years ahead.”