Newt Gingrich raised a measly $807,962.45 in the third quarter, spending almost the same amount with $776,767.90 in disbursements, leaving the campaign still holding $1.1 million in debt, with $353,416.71 on hand.
The two largest areas of spending were website development, at $127,000, and telemarketing, at $107,701.77.
Campaign officials say they believe the former speaker has a shot at the GOP nomination, with rising poll numbers and donations coming in at double the pace in October as compared to September.
Gingrich “has momentum going into the fall and will be the alternative to the front runner,” campaign spokesman R.C. Hammond said.
Most of the campaign’s support has come from small donors contributing an average of $76, he said.
Gingrich raised more than twice the amount of funds last quarter, bringing in $2.1 million since declaring his candidacy in May. However, he accrued $1.03 million in debt, leading to an exodus of 16 campaign staffers.
At the time, Gingrich blamed the media for the campaign’s financial troubles.
“The fact is a month of media barrage is painful, and it slowed a lot of things down,” Gingrich lamented to reporters at a parade in Clear Lake, Iowa, on 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.”