| Has PUMA been able to pay down Hillary's campaign debt?
We won't know the answer to that questions until the campaign files their next monthly report with the FEC on Wednesday, August 20th. If you recall, in early July, the Just Say No Deal coalition kicked off the July 4th/$20.08 fundraiser, which may have raised an estimated $6-10 M according to Will Bower.
The campaign filing for June shows that the campaign received $2.7 M in individual contributions. July's report will include July 4th/PUMA fund raising donations. Will's estimate may be accurate.
How much is Hillary's campaign debt?
According to campaign reports filed with the FEC on July 20, which includes campaign figures from 06/01/2008 through 06/30/2008, Hillary has $26.7 M cash on hand; however, $23 M is designated for the general election. The campaign debt totals $25.2 M, including almost $13.2 M that Hillary loaned herself. Including these loans, the campaign has approximately $21.5 M in debt to retire.
I spent some time reviewing the campaign's FEC filings for Hillary Clinton for President. I thought I'd share links to the information I found. On July 20, the campaign filed their monthly report for the period from 06/01/2008 through 06/30/2008. Hillary has loaned her campaign a total of $13,175,000. The campaign's debts and obligations total $12,026,720. This includes $5,279,535 for Mark Penn's firm, Penn, Schoen & Berland Assoc. LLC.
How much did Hillary loan her campaign?
As you recall, Hillary began to fall behind in fund raising prior to Super Tuesday. The Obama campaign out spent her sometimes as much as 3 or 4 to 1. Hillary has loaned her campaign a total of $13,175,000.
- 01/28/2008 - $5,000,000
- 04/11/2008 - $5,000,000
- 05/01/2008 - $1,000,000
- 05/06/2008 - $425,000
- 05/20/2008 - $550,000
- 05/28/2008 - $200,000
- 06/30/2008 - $1,000,000
Hillary has always maintained that she considers the loan to her campaign as an investment and only wants to insure that the small vendors are paid.
How long does Hillary have to raise money to pay off her campaign debt?
Hillary has until the convention to raise money to retire her presidential campaign debt, after that the debt can be transferred to her Senate campaign where funds can be raised to retire the debt, or with FEC approval, she can renegotiate payment with some of her vendors. According to The New York Times,
There is technically no deadline for Mrs. Clinton to pay back her creditors, but because of a clause in the McCain-Feingold campaign finance measure that was intended to limit the ability of candidates to self-finance campaigns, she has until the convention in August to pay herself back. After that, the most she could recover is $250,000.
Hillary has always maintained that she considers the loan to her campaign as an investment and only wants to insure that the small vendors are paid.
What happens to Hillary's campaign general election funds?
Hillary currently has over $23 M in her general election fund and has until August 28th to allocate those funds. The campaign began contacting general election donors in July to designate their contributions to her 2012 senatorial reelection campaign or to request a contribution refund. The WaPo reported on July 16 that:
Clinton herself is reportedly stepping up her effort to raise money for him [Obama] -- while also hurrying to retire her debt and reallocate her general-election funds before an Aug. 28 deadline, after which time all the money from her general-election account has to be given back to the donors.
Can Hillary use general election funds to retire her campaign debt?
I'm not sure about this one. The legal eagles interviewed by the NY Times disagreed.
...several campaign finance experts were divided about whether she could take the money from the general election designated to her Senate coffers and use it toward her debt.
Kenneth Gross, a campaign finance lawyer with Skadden, Arps, Slate, Meagher & Flom, said that he believed such a maneuver was possible but that he would advise her to obtain an advisory opinion from the commission to guide her. "I think there's a good argument that she can," Mr. Gross said. "It's not 100 percent clear."
But Mr. Baran said he believed categorically that the action would be illegal.
What has Hillary been doing to pay off her campaign debt?
Since she suspended her presidential campaign on June 7, Hillary has been vigorously fund raising for Barack Obama, as well as, to retire her own campaign debt. I didn't track down all the events, but here are several recent and upcoming fundraisers:
- On Thursday, July 31, Hillary attended three San Francisco/Silicon Valley fundraisers. One event, for $500 a head and approximately 150 people attended, raised $75,000. This event is most notable for it's video footage of Hillary saying she does want her name put into nomination.
- At the end of July, the campaign kicked off a Dinner with Hillary online fundraiser in which Bill chimed in as well.
- Advertised as a fund raising event to help Hillary retire her campaign debt, Gov. Bill Richardson and Hillary are scheduled to make joint appearances at two fundraisers in New Mexico on August 17, 2008. The event is supposedly an example of how Obama is helping Hillary and unifying the party, but according to GRL at InsightAnalytical, Richardson might be helping himself instead.
When will the next campaign fund raising reports come out?
The campaigns will file their next monthly reports with the FEC on Wednesday, August 20th. We will know then how much of Hillary's campaign debt has been retired.
Should I still donate to help retire Hillary's campaign debt?
Absolutely! If Hillary's name is placed into nomination, and she does become the nominee, she will need cash to make a comeback and compete against McCain in the general election. I encourage everyone to make a donation before the convention.
Crossposted at Red Hot & Blue Politics
[Updated] Clarification in section "How much is Hillary's campaign debt?" -- rewrote section to include: the campaign has $26.7 M cash on hand; however, $23 M is designated for the GE. Including Hillary's loans, the campaign has approximately $21.5 M in debt to retire.
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