Re: Warren raised record funds, ends in debt...following the federal government model?
posted at 12/6/2012 12:56 PM EST
In response to 12-Angry-Men's comment:
Just another example of whacko wingnut selective ignorance.
Public documents maintained by the Federal Election Commission in Washington, D.C. reveal the top five campaigns running the biggest deficits include that of former Utah governor Jon Huntsman, who tops the list with $5.1 million in debts from his 2012 bid.
Next is former House Speaker Newt Gingrich at $4.3 million, followed by Rick Santorum of Pennsylvania with $1.9 million; Minnesota Rep. Michele Bachmann with just over $1 million; and Atlanta businessman Herman Cain with $450,000.
Texas Gov. Rick Perry owes a paltry $14,464 as of the most recent March 31 reporting period. Thatâs even less than the $105,000 owed by Rep. Thaddeus G. McCotter of Michigan, from his run.
Angry you're out of date.
Candidate debt is commonplace, and the most notable examples are Hillary Clinton, whose 2008 presidential campaign still owed hundreds of thousands of dollars earlier this year; and Rudy Giuliani, whose 2008 campaign still owes $2.6 million. Sen. John Glenn, D-Ohio, is in a class by himself, still owing nearly $2.7 million more than 20 years after running for president in 1984.
Half of the failed GOP presidential primary candidates have clean balance sheets. Jon Huntsman, Tim Aplenty, Ron Paul and Rick Perry have zero debt, according to their FEC disclosures. For the other half, some of the debts are complicated.
Herman Cain's campaign owed $450,000 as of Sept. 30, all of it to Herman Cain. The candidate is owed $175,000 in "travel expenses" and $275,000 for a series of five loans, most of them $50,000 or less, which Cain made to his campaign between June and August of 2011. His campaign has already paid him back for eight loans totaling $400,000.
Rick Santorum's campaign owed more than $1.1 million, and Michele Bachmann's owed more than $530,000, as of their FEC filings in September and October, respectively, which is far more than they had in the bank, casting doubt on whether their 33 creditors will ever get paid.