Jun 11, 2008

The agony of defeat: a losers campaign debt

Hillary just completed a grueling political campaign.

But for Hillary Clinton, now comes the really hard part: retiring a mountain of campaign debt.

Records show that Clinton's campaign owed more than $20 million as of April 30 — and that was before she spent millions of dollars more in the final month of primaries and caucuses.

For losing candidates, campaign debts can linger for years, enduring symbols of failures they would rather forget. At the same time, the unpaid bills can cause hardships for campaign workers and vendors waiting for payment. Some end up receiving just pennies on the dollar — if they can get paid at all.

The article at the link below lists just a few former candidates with sizeable unpaid campaign bills:

Former Sen. Carol Moseley Braun, D-Ill., still owes $262,358 from her failed 2004 White House bid.

Al Sharpton owed more than $300,000 from his 2004 presidential campaign at the time of its last financial report.

Rep. Dennis Kucinich, D-Ohio, ran for president this year even though he still owed $459,000 from his failed 2004 White House race. Now he's in the hole for another $1.1 million.

Former New York district attorney Jeanine Pirro owes more than $500,000 from her aborted 2006 campaign for Clinton's Senate seat

Former Sen. John Glenn, D-Ohio, still owes nearly $3 million in debts from his unsuccessful 1984 presidential bid.

Former New York Mayor Rudy Giuliani, who owes $3.6 million.

The most debt really doesn’t count because the $44 million debt for former Massachusetts Gov. Mitt Romney represents money he loaned his own campaign with the expectation he would not get it back.

Link