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Clinton Debt Means Tough Choices Ahead
May 21, 2008 9:29 AM
ABC News' Tahman Bradley Reports: Sen. Hillary Clinton, D-N.Y., is carrying $19.4 million in debt as of April 30, 2008 according to her campaign's Federal Election Commission financial disclosure report filed late last night.
As of the final day of April, Clinton owed vendors $9.4 million and had loaned her presidential campaign $10 million. FEC reports require that a candidate calculate debt by adding money owned to vendors and personal loans. Presidential candidates must disclose their finances to the FEC on the 20th day of each of month.
It is likely that the Clinton debt increased during the first 20 days of May, but there is no way to know how much new debt she added. The Clinton campaign has announced that she loaned herself an additional $1.4 million in May, but that won't appear on the books until the campaign files its June 20 FEC report.
There has been much speculation about how Clinton might work to retire her debt if she drops out of the race. Some Democrats have suggested her nomination rival, Sen. Barack Obama, D-Ill., might help by raising money for her in a sign of party unity. Obama has said it's premature to talk about working on her behalf to retire debt because the nomination contest is still ongoing.
Another viable option, campaign finance experts say, is the possibility that Clinton might transfer the money she raised for the general election, unavailable for her use right now, to her Senate reelection account, and have that account assume her outstanding debt. In order to do so, FEC law would require Clinton to ask donors if they want their contributions redesignated to her Senate campaign.
Paying herself back the money she pumped into her campaign might prove to be trickier if she exits the race. FEC rules limit a candidate from raising more than $250,000 after the conventions to pay personal debt. However, she has until now and the Democrats’ August convention in Denver to fundraise to pay herself back.
With an April fundraising haul of $21 million, Clinton added to her overall stunning fundraising total this election, which is now approaching $200 million. The eye-popping total is surpassed only by Obama. He added $31.9 million to his campaign coffers in April. In all, he's raised nearly a quarter of a billion dollars this election.
Obama's current FEC report shows his campaign $2 million in debt.
May 21, 2008 | Permalink | User Comments (78)
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It disgusts me that so much money is spent on campaigning instead of putting it to good use for things like healthcare for the un-insured.
Posted by: annoyed | May 21, 2008 11:07:08 AM
The Obama campaign has stated that they will not use donors' contributions to pay off Hillary's debt. Anyhow, I believe it's illegal to do so. What Obama could do is throw events which clearly state it's for her debt retirement.
Posted by: LB | May 21, 2008 11:14:02 AM
Nat Turner - You are correct. Obama will have a cakewalk in the GE. If he gets elected I pray that he does a good job because the country is in some serious sheisse now.
Posted by: huh | May 21, 2008 11:23:24 AM
The Clintons forge on!!!
While they make this a women’s movement for the mere fact of its power it could hold , for the passion she can not ignite any other way..
For her claim to fame on the coat tails of children and women’s rights.. YES SHE CAN
All the while asking those very people to pay a little price for her , vote McCain!
Vote for McCain a man who is not rational.
Who wants to continue a war she now see’s was not right and wants out of , a man who does not agree with her on almost any issue.
Because she knows he will fail you and in turn give her another shot at her dream…
But where in this little scam do we fall? where is our dream? How does the four years of possible death and loss we would sacrifice rate to a job she so badly wants? Why is she willing to even take a chance on that and even more so why are YOU?
When she gave a nice little pat to McCain while politically slitting the throat of Obama I felt a little vomit hit the back of my throat.
A women’s movement that coddles the likes of McCain? I cant lie and say I know how this whole Obama boycott was started but it seems to suit her just fine and that in itself is enough for me to despise her and question everything she said she stood for !
The ultimate of hypocrisy to ask women to sacrifice your children in a war and possibly your home and economic growth of your family so she doesn’t have to sacrifice 8 years for her dream job, while she claims to be a soldier for women and children’s rights…………
oh and then could you pick up the tab please?
Posted by: melissa | May 21, 2008 11:27:06 AM
Nat - sorry about that. I must have copied your name.
Posted by: huh | May 21, 2008 11:30:34 AM
Republicans would like to thank Clinton to have the work cut out for them. She helps us split Democratic voters.
Posted by: rogersb | May 21, 2008 11:36:27 AM
Look at it this way, why not try something new. I'm not going to break out Wikipedia and a thesaurus like some of the individuals above, that is not my reason for writing. I'm writing as a testimonial. At one point in my life, I was an un-aware racist, I judged everything by race, unknowingly. If you look at our country and it's recent past, you will see that the model president has been white, male, and rich. Either way we go, HRC, or Obama, it will look different from the outside. Let's face it though, it is the media along with the common man that is destroying our party. We as the people tolerate the kind of media bias that allows us to look at the picture in black and white. How about instead of blaming everything on Bush, which is plausible, haha, we think about papa Clintons time in the Oval Office. How did he handle the situation with Bin Laden? Did he give him weapons? Did he turn a blind eye to attacks on other countries by Bin Laden? Sure, George W. took us from being the darling of the world, to being the devil, but who gave him that opportunity? I think it was the Clintons just passing it off to the next guy....Maybe we do need "Change we can believe in". thanks for reading
Posted by: Josh | May 21, 2008 11:40:16 AM
$30 million in debt? over $9 million in debt?
Seriously, she couldn't run a lemonade stand in the middle of the Sahara Desert.
Posted by: Texas Voter | May 21, 2008 11:41:13 AM
I want to perdict the next president and say why?
Even though I hate to see it happen John will be your next president.
Why?
Well we all know that Obhama will be the nominate person and because to many people in the country are just damm dumb half of the people that would have voted for Hillary are not going to vote for Obhama just because he is black. So this country is doomed to another 4 years of bush lap dog
Posted by: Joseph | May 21, 2008 11:43:47 AM
But one last thing? If you can not control the budget of your campain how can you control the budget of the country
Posted by: Joseph | May 21, 2008 11:45:41 AM
The National Economy was booming under Bill Clinton, and he left giant budget surpluses in the U.S. Treasury when he left office. He also got us out of the recession that gripped our nation when he first took office, and he left office with a 65 percent approval rating as president. I think that the budget of our country would be better off if it was put back in the hands of a Clinton.
Posted by: Hegel | May 21, 2008 11:49:13 AM
Hello Nat Turner.
I voted for Hillary Clinton.
I am African American
I will not be voting for Obama in the general election because I don't think he is the right person for the job.
Plain and Simple.
Posted by: Tess | May 21, 2008 11:51:52 AM
Tess,
I am curious as to why you think that John Mccain would be better for this country than Barack Obama.
Posted by: Louis | May 21, 2008 11:59:21 AM
No way McCain will win. Hillary supporters may vote for him but republicans will cross party lines to vote for the dem. Most of this country is sick and tired of the republicans being in charge.
Posted by: lisa | May 21, 2008 12:05:02 PM
I don't have a problem helping Clinton deal with her finances.
I chose Obama, but as a democrat I feel proud of both candidates. Their politics are identical and they each got about half the votes. One will win, but it's not like the loser deserves to lose. It just works out that way. In the long run they're on the same team.
Clinton and Obama know this. I just hope my fellow voters realise that a vote for Clinton is a vote for Obama, and visa versa. Nomatter what happens they will both be important figures in the new government.
Let's put democrats in office!
Posted by: R.S. | May 21, 2008 12:09:16 PM
The National Economy was booming under Bill Clinton, and he left giant budget surpluses in the U.S. Treasury when he left office. He also got us out of the recession that gripped our nation when he first took office, and he left office with a 65 percent approval rating as president. I think that the budget of our country would be better off if it was put back in the hands of a Clinton.
**************
Those were "projected surpluses" that didn't pan out. Clinton left the country in a recession. Remember the "dotcom" bust?
Posted by: Really? | May 21, 2008 12:21:28 PM
Obama donors,
Do not fear that any money you have donated or will donate to Obama's campaign will go to cover HRC's debt. That is illegal. What Obama can do is run joint fundraisers with HRC but only where it is made explicit that the money would go to cover her debt. So relax about that.
Posted by: anokie | May 21, 2008 12:25:29 PM
Hillary Clinton raised $200.00 million and squandered it. Another George W. Bush - from surplus to debt.
Hillary, please stay as senator where management is not part of the job.
Posted by: eezii | May 21, 2008 12:27:53 PM
Hillary’s supporters are so totally bitter they cannot even think straight anymore. It is sad to see people behave this way.
Two people competed for the same job and one lost. It was their candidate but, they blame Obama and everyone else when in fact in was the candidate. She began with every advantage and was coasting to the nomination. She blew it. She allowed the campaign to be badly managed by people who were not qualified, the money mismanaged and the failure to plan after Feb 5th. Instead of replacing them it took until things got so bad she was forced to. and they did not learn from the mistakes like Obama did.
Blaming Obama is stupid because it is not his fault he ran a better campaign. If they want to blame people then, point it at the ones who let your candidate down. Mark Penn and Bill clinton are good for starters.
And Hillary is ultimately responsible for her campaign and did not take charge and control of the situations.
And yet, instead of seeing where things went wrong and deal with it, it is easier to live in fantasy and blame Obama simply because he was the one that won as a result.
The fact that he was able to run a much better campaign, learn from mistakes and make corrections and plan and be in control of his campaign shows someone who is able to manage the job. Hillary failed in this so, I do not see how she can be concidered the one who is a better choice. Hillary was the one not up for the job.
It is best to face the reality of this.
Posted by: jld1959 | May 21, 2008 12:36:58 PM
Really,
There is a difference between Bill Clinton and Hillary Clinton. Bill can manage money, Hillary can't. Both of them are not same blood, thay are just husband and wife.
With what has happenend to Hillary campaign and fund mismanagement, I don't want her managing my money or this country. Two years into her administration (God forbid), we will be worse than a third world country.
See where we are today under Bush, borrowing from China. Is it also coincidental that Bush, McCain and Hillary have the same policies - gas break, Iraq war etc? NO.
Posted by: eezii | May 21, 2008 12:37:28 PM
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