Newt Gingrich’s campaign is over $1 million in debt, according to the campaign’s second quarter financial disclosure submitted to the FEC today.
The largest portion of the outstanding debt – $451,946 – is to Moby Dick Airways LTD, a company which chartered private planes to the candidate in the early weeks of his campaign.
Gingrich’s campaign raised $2.1 million dollars since he entered the race in May. But he spent $1.78 million and accrued $1.03 million in debt, which includes more than $100,000 in legal fees.
The former speaker’s presidential campaign listed $322,222 cash on hand.
Since then, the campaign has tried to trim costs, now flying commercial rather than chartering private planes. In Iowa, the campaign is relying on volunteers, and they declined to purchase a spot at the Ames Iowa Straw Poll.
Earlier in the month, Gingrich conceded his fundraising report would look dismal.
“The fact is a month of media barrage is painful, and it slowed a lot of things down,” Gingrich told reporters at a parade in Clear Lake, Iowa July 4. “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.”
The campaign said they received contributions from 20,217 donors, with 17,959 of those donors contributing $100 or less.
Early in his campaign, Gingrich noted he does not have the funds to personally finance a campaign the way other presidential contenders do.
“I realize in trying to get from here to the nomination that I’m faced with some very fine people, and at least three of them could personally write checks for $60 million or more and not notice it,” Gingrich said May 13 in Macon, Georgia. “Well, I want to report to you that while we’ve had a good few years out of office, they ain’t been that good and, furthermore, the kind of campaign I want to run isn’t about somebody writing a giant check.”