Oh, how the mighty have flown.
At least that’s what the accounting suggests. Just barely into the 2012 election season, Newt Gingrich’s campaign has reported $1 million of debt, nearly half of which is owed to a company chartering private air travel, according to The New York Times.
Gingrich and other candidates turned in financial reports to the Federal Election Commission on Friday, giving an outlook on their financial standing. Though his campaign raised $2.1 million this quarter, it was revealed that Gingrich had only around $300,000 cash on hand. The L.A. Times also reports Gingrich's campaign had paid some $450,000 to a travel company. The company name? Moby Dick Airways.
It’s not the first time debt has plagued the former speaker, who has been known to run up quite the Tiffany’s tab. Following the recent departures of staff, the news again put the health of Gingrich’s campaign into question.
Mitt Romney, whose organization had hoped to raise more, still ended June with $12.7 million in the bank—far ahead of his GOP counterparts. But Rep. Michele Bachmann raised $4.2 million in just a few weeks.
“Having gotten into the race a little over a month ago, we are pleased with the progress of our fund-raising numbers,” Mrs. Bachmann said in a statement on Friday, according to the Times. “I am especially proud of our grassroots fund-raising efforts which indicate we are receiving the bulk of our contributions from the average hard-working American.”
Rep. Bachmann’s fundraising prowess is well-documented, but whether she can turn faithful small donors into a network that will last the presidential election marathon remains to be seen. Until a party nomination is made, any GOP front-runner will have to beat back the party competition and also deal with a financially powerful incumbent: President Obama’s campaign reported that top contributors raised $35 million for his re-election.
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