Gingrich Debt Hits $4.8 Million

From the Department of Schadenfreude, CNN reports that Newt Gingrich’s campaign debt has now hit $4.8 million. He’s gonna have to close down that Tiffany’s charge account. He might even have to suspend his fervent search for wife #4.

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  • dingojack

    Wait – didn’t he have an absolutely brilliant idea about how to get the US out of debt (but he wasn’t gonna tell us mere mortals)?

    How’s that plan working out fer ya Amphibian?

    Dingo

  • Phillip IV

    He’s gonna have to close down that Tiffany’s charge account. He might even have to suspend his fervent search for wife #4.

    That’s practically the same thing.

    But yeah, it’s fun to watch this story play out – Gingrich’s campaign succeeded beyond anybody’s expectations, and that’s why he’s now in debt instead of rolling in money. A Pyrrhic stage win, so to speak. But 4.8 million sounds not too bad, considering his abilities to turn bs into gold – two or three years of pushing into the spotlight and bloviating, and he should be even. Faster if Obama is reelected.

  • Yoritomo

    So Gingrich’s campaign is in debt. How much money has Gingrich privately made in that time? Half a million of that campaign debt alone is to himself.

  • Ben P

    So Gingrich’s campaign is in debt. How much money has Gingrich privately made in that time? Half a million of that campaign debt alone is to himself.

    All candidates do that to some extent, close friends or family members are employed in areas where they can be paid for their work with campaign funds, candidates claim reimbursement for use of personal property or chalk up dual use type expenses as campaign expenses.

    Newt’s just particularly bold about it, few candidates have a wholly owned political consulting company that they contract with for the campaign and thereby redirect campaign funds to themselves.

  • d cwilson

    Yoritomo has hit on the important distinction. This debt is held by his campaign, not Newt personally. I’m sure he’s come out of this ahead financially. That was his whole motivation for running in the first place. So his Tiffany’s account is safe and future wife #4 will still be dazzled by his personal wealth.

    Campaign finance laws do not allow the campaign’s creditors to go after Newt himself to collect on the debt. Likely, many of them will never see a dime while he goes back on the rubber chicken circuit to hawk his books and DVDs.

    Suckers.

  • http://www.patheos.com/blogs/dispatches Ed Brayton

    Actually, his personal wealth has taken a huge hit as well. Expect a follow up soon.

  • d cwilson

    Even so, his personal wealth is a separate issue from his campaign debt. I’m all for a good Newt bashing, but in the interest accuracy, the campaign debt will have no affect on his Tiffany’s account.

  • Michael Heath

    We’re seeing the transformation of a new paradigm. In the past the success of electoral politics was closely correlated to the ability to raise funds. George W. Bush’s ability to destroy all his competition in 1998-1999, prior to the first primary of the 2000 electoral season is a good example of that. While this correlation still holds, a candidate doesn’t necessarily need money to build brand awareness given the fragmentation of the media and the rise of the Internet.

    How this plays out I don’t know, but it appears to me that it’s increasingly possible for more grass roots candidates to emerge without having a big kitty until after they’re perceived as a legitimate candidate with a good shot. The reason this didn’t work this year was all the poor candidates also happened to be nuts to the point even many conservative voters perceived them as nuts combined to the fact Cain, Bachmann, Perry, Santorum, and Gingrich also split the wingnut vote.

  • John Hinkle

    He’s gonna have to close down that Tiffany’s charge account.

    Now if he could only close his mouth…

  • kermit.

    This is bad news for wife number three.

    Surely she’d earned her alimony by now? But it’s the wrong time to apply for divorce. It’s like having a dead end job when the economy tanks. You’re stuck until the next upswing.

    Ben P: …few candidates have a wholly owned political consulting company that they contract with for the campaign and thereby redirect campaign funds to themselves.

    But now that Newt has figured it out, the less bright ones can copycat. Some crook had to be the first to figure out how to open a locked car with a coat hanger. Now they all can.

  • d cwilson

    Maybe Newt can hire Christine O’Donnell as a consultant. She’s made a career out of running for office and using campaign donations to make rent.

  • http://festeringscabofrealityblogspot.com fifthdentist

    I would suggest he pimp out Callista to cover the debt, but where’s he going to find 4.8 million people willing to take him up on that offer?

  • Doug Little

    He might even have to suspend his fervent search for wife #4.

    Hang on, wouldn’t it be necessary that he find wife #4 even sooner. The problem he has is that the field has been dramatically narrowed because she has to be worth at least 5 million.

  • StevoR

    @12. fifthdentist :

    I would suggest he pimp out Callista to cover the debt, but where’s he going to find 4.8 million people willing to take him up on that offer?

    I think you’ll find yourself regretting saying that here.

    If you consider the implications that’s a pretty misogynistic comment.

  • StevoR

    Do I need to spell out why?

    Its implying something about Callista’s independence and right to control her own body and has negative connotations on her appeareance.

    I wouldn’t be surprised if she divorced him.

    I also don’t think Newt’s marital status and personal life – aside from the hypocrisy thing – is in anyway relevant here.