Clinton Campaign In $20 Million Of Debt, Campaign Chair Says Clinton Could Lend More Money

The Washington Post reports on another grim news event for Hillary Clinton: confirmation that her campaign is $20 million in debt.

With her campaign falling ever deeper into debt, Sen. Hillary Rodham Clinton spent a rainy Mother's Day seeking votes ahead of Tuesday's primary here, turning a deaf ear to calls for her to leave a Democratic presidential contest she has little hope of winning.

Clinton aides continued to insist that she will remain in the race even while confirming that she is $20 million in debt. "The voters are going to decide this," senior adviser Howard Wolfson said on "Fox News Sunday," acknowledging the $20 million figure. "There is no reason for her not to continue this process." Wolfson said he has seen "no evidence of her interest" in pursuing the second-place spot on the Democratic ticket, contrary to rumors that she is staying in the race to leverage a bid for the vice presidential nomination.

Campaign Chair Terry McAuliffe suggested Clinton might lend her campaign more money:

Terry McAuliffe, the Clinton campaign chairman, told Tim Russert on "Meet the Press" that he spoke to Clinton about the possibility of contributing more money and "she said that she would be willing to do it." However, McAuliffe insists, "We haven't needed it."

Comments

[Chumleysmom]

Don't people with experience, common sense and good judgment usually know when to stop digging?

[VolvoBirkenstock]

Has to do with being able to repay her personal loans.

Clinton Deadline Looms for Recouping $11 Million Personal Loan
Jonathan D. Salant and Timothy J. Burger
Mon May 12, 12:01 AM ET

May 12 (Bloomberg) -- Hillary Clinton may have a financial incentive to remain in the presidential race for a while. And she has Senator John McCain to thank for it.

Clinton loaned her struggling campaign $11 million in recent months. A little-known provision of a 2002 campaign- finance law cosponsored by McCain prevents candidates who drop out of the race from raising money after the nominating conventions to repay themselves for personal loans.

Should Clinton fail to come up with the funds by the Democratic convention in August, she'll be out the $11 million. If she quits the campaign before then, she may find it hard to get people to keep giving cash just so she can retire her debt.
http://news.yahoo.com/s/bloomberg/20080512/pl_bloomberg/as5a58ks7ky8

[CurrerBell]

All she needs to do is drop out of the race and write a book on the fly. Shouldn't be too hard.

[ThunderclapNewman]

If she :suspends" the campaign, rather than withdrawing, she will still be able to raise money to pay herself back.

It may come to that after her win in WVA tomorrow.

Even some of her biggest supporters are telling her to get out.

[robynuva]

Thomas Jefferson: "millions for defense, but not a cent for tribute."

Well, she got herself into this mess, and she should get herself out of it. If anyone associated with her campaign had read blogs two years ago, they could have found out that Sen. Clinton was not as popular with the base of the party as they thought she was. But, they (like Cokie Roberts said) don't read blogs. Maybe she could have budgeted better. As it is, I am sure Bill can hit up some more scum for speaking engagements, and make it up quickly.

[EspritDeVoltaire]

Speaking as a businessman, all the Clinton campaign's vendors should file contractor's liens now if possible in your state. That way you will be a payee of record when the campaign files bankruptcy. Also insisting on cash payment upfront would be a good idea.

Although HRC may infuse cash into the campaign for advertising, it would be naive to expect her to put in money for debts on services already rendered. This is no slur upon the Clintons as I would advise the same for anyone's campaign in the same position.

[Freedomscap]

It's been suggested that she will continue her campaign so that she can pay off her debts, established by the rules.

[EspritDeVoltaire]

I think VolvoBirkenstock above addresses your issue as being raising money to repay herself for her loans to the campaign. This would not have anything to do with her vendors being paid.

[Freedomscap]

Rather, the rules require her to continue her campaign, in order to pay off her debts.

[EspritDeVoltaire]

I assume you are speaking of party rules rather than actual binding legislation. I believe we've all seen how much this campaign cares for party rules.

[anney]

FWIW, the rules say that she must continue in the campaign if sh wants to pay off her debts to HERSELF. She cannot do any fundraising to pay off self-debts once she withdraws. As for the debts to others, she can continue to raise funds to pay those debts off after she withdraws.

Here's the information, first published by Slate:

http://www.campaignlegalcenter.org/press-3207.html

Debt retirement gets a little more complicated when candidates lend their own money to their campaign. After an election is over, any campaign contributions that go toward repaying the candidate's own loans serve, in practice, as money directly into a politician's pocket. As a result, campaign law now limits to $250,000 the amount a campaign committee can repay the candidate after the election. In the case of the Democratic primary, the election will end when a nominee is selected in Denver. So unless Clinton is able to raise enough money to pay herself back by then, she'll have to write off millions of dollars she lent to her campaign.

[sd4peace]

I guess its official, she's in it until the end, meaning November as an independent or 3rd party candidate.

I hope its not true, but I would be surprisedf if it wasn't.

[liberal1976]

The only way she can get the nomination is if she steals it! I don't put it past them. Why are there so many racists in the Democratic party? I thought that was the Republican way.

[CatLadyforObama]

Yeah, Who knew?

[VolvoBirkenstock]

Faxus
You were never for them sweetie.
Posted 05/09/2008 at 21:17:34

dajay
Michele Obama is LONG way off from Hillary Clinton, sweetie.
posted 05/09/2008 at 00:28:28

phreso
It's Neo sweetie, and I am no Clintonista.
Posted 07:55 PM on 04/29/2008

Run along, Neo, sweetie.

[swooge]

AAAAwwwwww, don't let her know how we know it's her. It's too much fun to see her get frustrated.

[VolvoBirkenstock]

And, just like clockwork, dajay makes an appearance on the thread.

[ErnestineBass]

phreso?

Sounds like a feminine hygiene product...

heh heh

[VolvoBirkenstock]

Neo would require the industrial strength.

[CrushInfamy]

The Clinton camp are like a big team of competitive alcoholics! They can't stop! They won't stop and they never know when to say WHEN!

It would be funny if it wasn't so sad. I think we all need to pitch in and send her a Telegram:

"Dear Mrs. Clinton. IT'S OVER.

It's been over for quite some time.

YOU HAVE BEEN MATHEMATICALLY ELIMINATED.

Nice try and good luck in the future."

Signed: REALITY

[Bobby]

Sometimes people in debt do shots and beers on a regular basis. It's a way to kill the pain. They also tend to lie a lot, and not deal well with reality. Their debt becomes bigger and bigger. Of course, most people didn't make $109 million in income either.

[CrushInfamy]

The Clinton camp are like a big team of competitive alcoholics! They can't stop! They won't stop and they never know when to say WHEN!

It would be funny if it wasn't so sad. I the we all need to pitch in and send her a Telegram:

"Dear Mrs. Clinton. IT'S OVER.

It's been over for quite some time.

YOU HAVE BEEN MATHEMATICALLY ELIMINATED.

Nice try and good luck in the future."

Signed: REALITY

[CurrerBell]

Their reply: "You must be one of those elite math people."

[oldjuggalo]

If she wants to piss away her money,I'd gladly give her my address.

[mondobleu]

Where's Elton ? She needs some Euros badly so she can crash the Limo in style.

[susane07]

So why can't she raise money? Let's see...her husband is an expresident. I guess it's because no one wants to contribute to a losing campaign.

It's over, Hil.

[swooge]

Dearest moderator,

Cut it out with the scrubbing. I think I can take out weak sisters like BJ all by myself. Especially since he has to resort to name instead of facts.

[Freedomscap]

Yes, they are scrubbing quite a bit. I've noticed all of BJ's post are gone, huh?

[ChiGuy]

It's because he and hyde are consistently posting off-topic.

[ifreez]

Wake up!!

If she can't run a campaign without going into the red -- deep red -- then how can she claim she is better than Obama at "the hardest job in the land".

With a track record like her campaign, if she came into my office looking for a job, comparing them selves to another applicant (Obama) who has a perfectly run enterprise, I would be shocked @ the audacity.

As Donald Trump would say.......

[moda31]

she and mitt romney should just pool their resources and buy a small country somewhere, then they could rule there indefinitely. they could recreate the fantasy land which their campaigns live in.

[ornovscot]

Troubling, too, is that Senator Clinton seems to have other delusions:

http://www.cnn.com/US/9606/24/clinton.houston/


Our country needs someone who will help reconcile, and not exacerbate, the divisions that exist in this society and someone who is not dogmatic or delusional, especially in the realm of foreign policy.