Politics

Newt Gingrich is more than $1 million in debt

Alex Pappas Political Reporter
Font Size:

Newt Gingrich’s presidential campaign is more than $1 million in debt.

The Associated Press reported Friday that the former House speaker had raised $2.1 million, though had debts, including more than $100,000 in legal fees associated with his current bid for GOP presidential nomination.

A series of resignations among top Gingrich staffers last month has had a negative impact on the campaign’s ability to conduct fundraising, according to Gingrich.

Those running for president had until today to tell the government how much money they had raised over the last three months.

Michele Bachmann, the congresswoman from Minnesota, raised $4 million, according to CBS.

Mitt Romney’s campaign filings indicated that the former Massachusetts governor was the undisputed money leader, raising $18.25 million during the quarter just ended. (Could Crist make a glorious return to politics?)

Yet with all the hoopla over who is winning the money race, others caution not to read too much into it.

“I think the fundraising numbers confirm that people are still waiting and watching for someone to catch fire — maybe even waiting to see what other candidates join the field,” said Sal Russo, a strategist with the Tea Party Express.

“I don’t see a lot of interesting things in the numbers,” Russo said. “Most pronounced is there are so many Republican donors on the sidelines. From our own internal polling, it is clear the field is wide open without a big favorite. I don’t think the more establishment donors have an overwhelming favorite, nor do the tea party people.”

Some had speculated that Bachmann, who is polling alongside Romney as the Iowa frontrunner, could have raised more.

“No one expected that she would raise as much as Mitt Romney did in the entire quarter,” blogger Jennifer Rubin of The Washington Post wrote in an analysis piece. “But her total is nevertheless unimpressive.”

Others who reported about $4 million, other than Bachmann, include Ron Paul, Tim Pawlenty and Jon Huntsman, who self-funded of that amount. (The action figure Republican primary)

Herman Cain raised $2.5 million and Pennsylvania Sen. Rick Santorum reported having raised $582,348 during the quarter.

“It is worth noting that Senator Santorum didn’t hold his first official fundraiser until June 22,” said Amanda Kornegay, finance director for Rick Santorum for President, ”and between that day and June 30, he raised nearly half of the money he raised as an official presidential candidate.”

Sarah Palin this week announced that her political action committee, SarahPAC, raised $1.7 million in 2011. This money couldn’t be used in a presidential race, even if the former governor of Alaska were to join the race for the GOP presidential nomination

Meanwhile, President Obama’s campaign reported it has raised $47 million. Adding the funds raised by the Democratic National Committee, the president has $86 million in the “plus” column so far.