Newt Gingrich Campaign Over $1 Million In Debt
ATLANTA — Newt Gingrich's presidential campaign is more than $1 million in debt, according to his campaign disclosure provided to The Associated Press on Friday.
The former House speaker's campaign raised $2.1 million since he got into the race earlier this year. But he spent $1.8 million.
Gingrich said he has $322,222 cash on hand.
Gingrich, however, listed $1.03 million in debt, almost half of that for private air travel. The Republican owes $451,946 to Washington, D.C.-based Moby Dick Airways and more than $100,000 for legal fees.
Facing a cash shortfall, Gingrich has in recent months has scaled back his spending, flying commercial airlines rather than corporate jets.
His campaign said he had received contributions from 20,217 donors, with 17,959 writing checks for $100 or less.
One of his campaign's creditors is Gingrich himself. The campaign owes him $47,005 for its use of mailing lists owned by the former Georgia congressman.
Gingrich's White House bid has struggled since 18 staff members, consultants and advisers, including his two chief fundraisers, resigned earlier this year. His campaign filing shows that Gingrich continued to collect donations after that June 9 mass resignation.
Gingrich's personal financial disclosure, also provided to The Associated Press on Friday, shows that the former Georgia congressman's Washington, D.C.-based Gingrich Productions is worth between $500,001 and $1 million.
The company, which he runs with his wife, Callista, produces video documentaries.
And the disclosure shows that Gingrich paid off a 2010 revolving credit loan from the luxury jeweler Tiffany's worth up to $1 million.
Together with a full portfolio of mutual funds and stocks, including Corning, Hewlett Packard and AT&T, the filing puts Gingrich's worth at at least $6.9 million.
Newt Gingrich's presidential campaign is more than $1 million in debt, according to his campaign disclosure provided to The Associated Press on Friday.
The former House speaker's campaign raised $2.1 million since he got into the race earlier this year. But he spent $1.8 million, and listed $1.03 million in debt, including more than $100,000 in legal fees.
Gingrich listed $322,222 cash on hand.
His campaign said he had received contributions from 20,217 donors, with 17,959 donating $100 or less.
Gingrich's White House bid has struggled since 18 staff members, consultants and advisers, including his two chief fundraisers, resigned earlier this year.
He scaled back his spending, flying commercial airlines rather than taking corporate jets.
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SHANNON McCAFFREY 07/15/11 07:44 PM ET Associated Press