Gingrich Camp Raises $9 Million in Fourth Quarter

LE MARS, Iowa - Newt Gingrich's campaign said it has raised somewhere around $9 million in the fourth quarter, but is holding off on paying earlier bills from the campaign to fund its homestretch drive in the Iowa caucuses.

"The campaign for the fourth quarter has raised a similar amount of money to what John McCain raised in 2007 at the same point. It's about $9 million," campaign spokesman R.C. Hammond said.

On Wednesday morning ABC News reported the Gingrich campaign would be filing debt that was acquired from early in the campaign with the Federal Election Commission. When ABC News asked Hammond why the debt was still in existence, he said, "Because we're trying to win Iowa."

The debt reported by the campaign last quarter was $1 million.

The Gingrich camp said Wednesday it has paid back some debt to "mom and pop shops." Hammond did not know how much cash on hand they would have.

The Gingrich team said they are using funds for campaigning, such as purchasing ad buys in Iowa. The campaign made a $500,000 ad buy Wednesday, and plans to run two ads this week. Earlier in the month, the campaign made two $250,000 ad buys.

The Iowa caucuses will be held on Jan. 3.