Million Dollar Campaign Debt Adds Up To More Trouble For Newt

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GOP Candidate New Gingrich raised about $2 million in the second fundraising quarter, finishing June with about $225,000 in the bank. But overall, his campaign is still in debt — to the tune of about $1 million.

Former House Speaker and 2012 candidate seeking the Republican nod Newt Gingrich will report raising about $2 million in the second fundraising quarter, finishing June with about $225,000 in the bank. But overall, his campaign is still in debt — to the tune of about $1 million, POLITICO reports. However, the Gingrich campaign will not admit defeat just yet.

According to Gingrich, he’s been paying down the debt, which was incurred when a large number of his consultants walked away in June.

“The fact is a month of media barrage is painful, and it slowed a lot of things down,” Gingrich said before a Fourth of July parade in Iowa, according to the Los Angeles Times. “Our numbers will not be as good as we would like, and candidly, the consultants left us in debt. But every single week since they left we’ve been cutting down the debt, and we raise more than we spend in a week.”

R.C. Hammond, the press secretary for Gingrich’s presidential campaign, told POLITICO “that the presidential candidate only learned of the severity of his debt when a new campaign director reviewed the books after last month’s staff shakeup.”

“We’ve been weathering a storm and the ship is starting to right itself,” Hammond told the news site. “The infusion of professionals volunteering their time and talent to the campaign is further proof we are weathering the storm and forging on.”

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