Republican Mitt Romney's presidential campaign is $11 million in debt after it borrowed $20 million in August to pay for expenses before it could tap into general election dollars.
Here's more from National Review Online, which first reported the story:
Now, if the debt was collateralized with an equivalent amount of funds already received--is it really debt? Or is it only debt when possible future Romney contributors determine that they will not blow their hard-earned ducats on a losing cause?A senior Romney aide told NRO that they collateralized the debt with $20 million of general election funds already in the campaign's bank account."Before the Republican National Convention, Mitt Romney was the Republican nominee in all but name. By law, however, he could only spend primary donations until he officially became nominee. To increase cash flow during the interregnum, the Romney campaign borrowed $20 million."
The reason I ask this is because the Romney campaign has been a really rugged affair. Looking at the backstory, we have Romney as taking a backseat in the polls to Michele Bachmann, Rick Perry, and Herman Cain during the early primary jostling, and these are not especially gifted politicians. His front-runnerdom also suffered the anticipation of a possible white knight figure come to save the GOP from himself, whether in the form a a Wonk in Shining Armor like Mitch Daniels, or a Beast from Back East like Chris Christie. And the narrative about Mitt was that he'd catch on, even while Newt Gingrich (beaming in from the 1990's) and Rick Santorum (beaming in from the 1600's) threatened his nomination.
But surely, once he became front-runner, he'd take off? Or once he'd executed a friendly world tour? Or rather, once he picked a running mate, like rock star Paul Ryan? Or rather, wouldn't he get a bump from the convention?
After his Romneyshambles Tour, being upstaged by an empty chair at his convention, fumbling a nakedly political gambit regarding foreign policy regarding the tragedy at the US consulate in Libya, and following the release of a fundraising video featuring Romney saying many things pols would never want said in front of the hoi polloi, I can easily understand why some hope might exist amongst the campaign staffers, who aren't either squabbling to death, that the debates will help in Romney's favor.
Go ahead, guys. Fund-raise on that. Romney is very cool in front of many people. And Obama reads from a Teleprompter, doesn't he? Of course Mitt Romney will finally connect with the American people, after dismissing half of them, once he's got President Obama right there....able to counter the untrue things Romney says.
Don't the polls agree?
Good luck with that. Seriously.
(X-posted at Rumproast.)