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Gingrich Campaign a Million Dollars in Debt

By Doug Powers  •  July 6, 2011 02:49 PM

**Written by Doug Powers

If you want a candidate who will fit right back in with the Washington, DC culture of debt, it sounds like Newt could be your man:

Former House Speaker Newt Gingrich will report raising approximately $2 million in the second fundraising quarter of the year and ending the month of June with $225,000 in the bank, POLITICO has learned.

But in a steep obstacle to Gingrich’s comeback hopes, his campaign remains about a million dollars in debt. It will be a struggle for Gingrich to put his balance sheet in the black and fund the kind of operation traditionally required to compete in Iowa, where he has indicated he’ll attempt to turn his campaign around.
R.C. Hammond, the press secretary for Gingrich’s presidential campaign, shed new light on the arc of Gingrich’s financial woes, explaining that the presidential candidate only learned of the severity of his debt when a new campaign director reviewed the books after last month’s staff shakeup.

But the candidate isn’t unwilling to do his share of sacrificing:

Sources say Gingrich has been advised to stop flying on private jets to save cash. His rep insisted, “Newt has flown commercial… since the consultants left.”

Newt probably had to start flying commercial because his pilot quit too, but at least he was forced to personally take action on climate change.

(h/t Jim Galloway)

**Written by Doug Powers

Twitter @ThePowersThatBe

Posted in: Newt Gingrich

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