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Hillary's $7.5 Million Problem
November 20, 2008 8:31 PM
ABC News' Tahman Bradley Reports: Hillary Clinton continues to carry $7.5 million of debt owed to vendors from her failed presidential bid which ended in early June, her campaign finance report covering the month of October shows.
Even though the election is over, Clinton can continue to raise money for unpaid bills, as long as contributors clearly designate their contributions as being specially for retiring presidential campaign debt. There's no time limit on how long a candidate can carry debt.
The campaign retired a few hundred thousands dollars of debt in October after bringing in $774,299 last month.
Clinton lost all opportunities to get back the $13.1 million in personal money she loaned the campaign. Campaign finance law restricts the amount of time a candidate can pay back personal loans in an effort to limit candidates from self-financing campaigns. Clinton needed to pay herself back by the final day of the Democratic convention.
If Clinton accepts the position of Secretary of State, or some other post in the Obama administration, she would be barred by The Hatch Act of 1939 from soliciting and receiving political contributions. The Clinton campaign organization, however, can continue to raise money for the purpose of retiring debt even if the senator accepts an appointed position in government. Raising a small amount of money from loyal donors without help from Clinton might be doable, but raising $7.5 million without the candidate seems like a tall order.
Campaign finance law is pretty flexible in a candidate's ability to retire debt after a presidential election is over and a little innovative campaign treasury maneuvering could yield a faster way for Clinton to erase most of the remaining debt. On August 28, Clinton's Senate account received $6.4 million in contributions that were first designated for the presidential campaign for use in the general election. That money could theoretically be transferred back to the presidential campaign and used to knock out vendor debt.
The Clinton presidential campaign this week was still hunting for help with unpaid bills, sending supporters an e-mail asking for money.
November 20, 2008 | Permalink | User Comments (69)
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Maybe we should all help to retire her debt at this point. She has put her own money where her mouth is (finally!) and she did step up to help (not double-cross Obama).
Posted by: Common Sense | Nov 20, 2008 8:52:22 PM
Clinton's debt is her own problem and, frankly, who cares. Clintons are not suffering from lack of finances. Her situation is similar to GM's. The campaign was mismanaged and failed. Deal with it.
Posted by: J Robinson | Nov 20, 2008 9:03:48 PM
It's not entirely their fault-the media is obsessed with the Clintons-diverted momentarily by Witless From Wasilla-but
this whole affair has become another Hillary and Bill Drama, at the expense of Obama's prestige. Putting it bluntly, the world's in a mess and we can't afford this distraction. Obama should "cut her loose."
Posted by: B. Bear | Nov 20, 2008 9:16:42 PM
What about the Clinton supporters who said they would turn coat and vote for McCain because their loyalty to Clinton overroad any other issues?
They claimed they retained the better part of her 18 million voters. Obviously they were not willing to go so far with their their loyalty and pony up a few dollars each.
Come on P.U.M.A and Just Say No Deal. Five or ten bucks each and she would have this debt thing behind her.
Posted by: Joe C | Nov 20, 2008 9:22:12 PM
just send bill out on the talking circuit. With all his hot air they should be able to easily retire her debt. If not there are a lot of American suckers out there that will send in their children's food money for her. Or better yet have her go out and get a real job..Paul/Bethesda
Posted by: paul sweeney | Nov 20, 2008 9:25:15 PM
Wow, I guess this proves she was fit to run the country after all (since it seems that fiscal irresponsibility how this country operates...)
Posted by: Stewie | Nov 20, 2008 9:25:54 PM
So Hilary, who, along with her husband, have made over $100 million since Bill left the White House, wants some help paying for $7.5 million worth of debt? Talk about a sense of entitlement...
Posted by: Jake | Nov 20, 2008 9:30:13 PM
Gosh, the prima donna syndrome is back with us again! Why the Clintons have to make something out of nothing is again a reminder to why she was defeated in the primaries and why so many of us turned away from supporting her. As for being the SoS, either she wants it, or she will turn it down, but she should quit trying to make her debts a bargaining chip. We are all grown-ups and it's time for all these infantile games to stop NOW/
Posted by: Sareena Jones | Nov 20, 2008 9:37:01 PM
What happened to the 'true" Democrats? Isn't that how Obama Supporters described themselves?
If you are a "true" Democrat, you will help to retire Hillary's debt.
After all, no one can deny that she worked hard to elect Mr. Obama – far harder, in fact, than any previous defeated rival in a Democratic primary.
Between the unity rally in New Hampshire last June 27 and Election Day, she undertook roughly 130 separate campaign events, including speeches, fund-raisers, press interviews and conference calls all over the country AND brought more than $10 million into the Obama coffers — while her own debt remains unpaid.
Obama said he would help Hillary to retire her debt. His help was mentioning her name at two fund-raisers.
Real "true" Democrat, that Obama. Looks like "support" works one way for him.
All of you claim to be "true" Democrats, but after Hillary was worked damn near to death campaigning for your candidate, your "support" for the Democrat Party only applies if it is for Obama.
Party of Hope, Unity and Change - well,
I'll believe it when you all put your money where your mouths are!
Posted by: leelee.again | Nov 20, 2008 9:45:54 PM
Have her 18 million supporters give
her a buck. All talk no action.
Posted by: spacerook1 | Nov 20, 2008 9:46:48 PM
Your comment says a lot about you and the "New" Democrat Party.
Like Obama, I guess you all are users.
Posted by: leelee.again | Nov 20, 2008 9:51:00 PM
You know, I'm sick to death of the villification of Hillary. I don't know of one other politician who could withstand the same microscopic scrutiny she and Bill have withstood.
The drama surrounding the SOS is purely media driven for ratings. There is no actual drama per se. The media decides to report on every sneeze, ponderance, opinion any and every advisor might have, and report it as "breaking news"! Good grief!
Hillary and Obama had a pledge to one another. Hillary would work hard to get him elected, and he would help to retire her debt, which btw, is customary to do, not atypical! Hillary also raised over $10 million for BO's campaign. He never followed through on his word, but she did. I know for a fact, I had reservations about BO, and if not for the sincerity Hillary showed while campaigning for him, I was fully prepared to vote against him as a protest vote to the DNC, the RBC, and media. Hillary seemed to really want us, her ardent supporters, to back BO, so I reluctantly did.
People who continue to bash Hillary do not even "know" Hillary. They know an image that was bottled and sold for years ad nauseum. I'd put Hillary's integrity, intelligence, stamina, compassion, passion, loyalty, and work ethic up against any other national political figure.
Posted by: kmb08 | Nov 20, 2008 9:55:38 PM
She can just have Slick Willie give a speech to a bunch of retired Florida snowbirds and he can help her make up the campaign deficit. She can also hit up some fellow leftist illuminati cabinet members so she won't have to tap into the multi millions that she and Bill have in the bank.
Posted by: Jeff | Nov 20, 2008 9:59:12 PM
And another thing: With regard to the millions the Clintons "earned", they paid more in taxes and gave more to charity than most others do in their tax bracket. The Obama's gave a piddly 3% to charity from their millions earned. What will you all say when Obama gets out of office and begans to earn hundreds of millions?? Will you all be just as dispicable as you are to the Clintons?!?!
Posted by: kmb08 | Nov 20, 2008 10:01:09 PM
Here is a better idea - why don't Obama just give her back that $10 million she raised for him? Only one part of the bargain was completed - her part. Obama did not follow through on his part, so he should give her the money back so she can retire her debt. Obama has plenty of money, he can afford to give it back.
Posted by: leelee.again | Nov 20, 2008 10:03:45 PM
Yes leelee, good point! Obama also received $200 million in campaign donations that have come under suspicious fundraising, so maybe he could tap those questionable sources...
Posted by: kmb08 | Nov 20, 2008 10:07:06 PM
Once again our American system at work. How dare the Clintons ask for one red cent. They have milked the taxpayer for a number of years and believe me they can afford to pay their 7.5 million dollar debt alot easier than most people that are hurting with the economy that the Demorcats have caused over the last 2 years. You Bush bashers can cry all you want but GW did not cause this.....Pelosi, Clinton, Waxman, Harry Reed....they are all Democrats...Wake UP AMERICA!!! But dont worry....Once Obama gets in office then we will be back in the days of Jimmy Carter.....soft on National security and interest rates of over 21%....Now thats change!!
Posted by: Mike Litaker | Nov 20, 2008 10:10:45 PM
Lol kmb08- You are right, although I know he is trying to spend that money as fast as he can before the cops come knocking to confiscate those questionable funds. :D
Posted by: leelee.again | Nov 20, 2008 10:13:12 PM
I feel her pain!!!! We have problems making mortgage and monthly bills which is considerably much less her $7.5 million. But she could lobby the Senate for a minimum of $20,000 stimulus check to each working taxpayer to help them pay bills and out money back into the economy. The average "Joe The Plumber" is having a hard time making their bills. We need to take care of those people who are supporting the government by paying their taxes.
But she still got to campaign for President and still receive her salary as a senator(did she work all those months for her salary???) and got to solicit campaign donations. We all need to be in politics. Maybe her and Former President Bill Clinton would like to donate $10,000 to our charitable cause. That would be would be a good will donation to helping out a distressed homeowner in the Midwest.
Posted by: kteske | Nov 20, 2008 10:13:52 PM
Obama also received his salary as a Senator and is also a multi-millionaire.
Quit making excuses for Obama. He made a pledge, he should follow through on it.
The Clintons' personal finances have nothing to do with this. Obama gave his word - he should keep it.
But then again, it is Obama we are talking about - just another failed promise on his part.
Posted by: leelee.again | Nov 20, 2008 10:19:08 PM
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