Romney Reports First Debt of Campaign

Sep 18, 2012 9:49pm

DALLAS – For the first time in this campaign, Mitt Romney’s campaign is $11 million in debt after borrowing $20 million in August.

The debt and borrowing sums were first reported by the National Review Online and confirmed by ABC News.

The campaign borrowed the money from the Bank of Georgetown, according to the report.

The move came just before the Republican National Convention when aides had complained they had been running out of primary campaign dollars to compete with President Obama’s campaign. At the conclusion of the Republican convention, when Romney officially became the party’s nominee,  Romney had access to general election funds it had raised.

While Romney campaign has debt, it also reports having $168.5 million on hand after August.

Earlier this month, the Romney campaign announced that it had raised $111.6 million, less than Obama’s campaign, which raised $114 million.

It marked the first month the Obama campaign has raised more cash than Romney since April, when the GOP candidate raised $40.1 million to Obama’s $43.6 million.

The Obama campaign did not provide a current cash on hand figure.

The news of the debt comes after an already rough week for the Romney campaign, which has been facing demands for more specifics in its proposals and was then criticized over leaked videos of the candidate telling high-dollar donors that 47 percent of Americans are believe they are “victims” and are dependent on government to meet their needs.

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