Follow by Email

Wednesday, May 21, 2008

Money shocker! Hillary Clinton's campaign debt soars to $31 million

UPDATE: Clinton Campaign Has $20 Million Of Debt, LA Times Makes Correction

Due to a mathematical error, Hillary Clinton's loans to herself were added twice in the calculation of this item. Her total debts are about $20 million, not $31 million. A corrected item covering the first five paragraphs of this one has been published here.)

April Funds: Hillary's Now $31 Million in debt.....Obama Raised $31 Million

LA TImes:

No wonder Sen. Hillary Clinton was so late filing her required campaign financial reports Tuesday night. Her political team didn't want the shocking news in it to overshadow her lopsided thumping of Sen. Barack Obama in Kentucky.I owe how much!? Hillary Clinton's Democratic presidential campaign discloses she is now nearly $31 million in debt

Now comes the morning after, pay-up time. Clinton's campaign debt has now soared to nearly $31 million, according to numbers crunched early this morning by The Times' campaign finance guru, Dan Morain.

She added another $9.5 million in unpaid bills to venders this past month alone, pushing her total debt to venders and herself to the new astronomical figure, about a 50% debt increase in one month.

According to a campaign release put out Tuesday evening as election returns revealed her big win in Kentucky and loss in Oregon, Clinton raised "approximately $22 million" from other people in April. The release also touted that $10 million had poured in within 48 hours of another lopsided Clinton victory over Obama, that one in Pennsylvania, and said it was the second best fundraising month of her entire campaign.

But the number collected is actually closer to $21 million and the release also neglected to mention that she spent $28.9 million, nearly $8 million more than she took in. She used personal loans to make up part of the difference. She also delayed payments to consultants. Including the $9.5 million in unpaid bills from April, she owes consultants and other venders $19.5 million.

Not to mention the total $11.4 million she has loaned herself.

No comments: