Newt Gingrich’s campaign is in trouble again. FEC disclosure forms released today and obtained by the AP reveal that it has a debt exceeding $1 million, and only $322,000 in cash on hand. Newt’s main expense? Private jets. The candidate’s campaign, whose entire professional campaign staff quit in disgust last month, spent over $450,000 on chartered jet flights.
The former Speaker of the House now flies commercial and relies on unpaid interns to manage his campaign. But that sacrifice is unlikely to save his heavily indebted campaign. He only raised $2.1 million since he announced his candidacy, $1.8 million of which he’s already spent—in addition to the $1.03 million he has in debt.
This is not the first time Newt’s had money problems. Earlier this year, it was reported that he and his wife owed hundreds of thousands of dollars to luxury jewelry retailer Tiffany’s, where he had lines of credit worth $2 million. Gingrich has blasted President Obama for his plan to use both cut spending and close tax loopholes to reduce the national debt, instead of just slashing social welfare programs.
But maybe Gingrich should have paid more attention to Obama’s proposal. One of the tax loopholes the president is most determined to end encourages reckless spending…on corporate jets.
Copyright 2011 The National Memo