(CNN) – Eight months after dropping his bid for the GOP presidential nomination, former Minnesota Gov. Tim Pawlenty announced his campaign organization was debt-free.
Pawlenty for President filed paperwork Tuesday with the Federal Election Commission to terminate the campaign committee that was formed in March 2011. Pawlenty formally announced his candidacy in May of that year and campaigned over the summer in early voting states. He dropped his bid after a poor showing in the Ames, Iowa Straw Poll in August and endorsed current frontrunner Mitt Romney.
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In a statement, the Republican said he was proud of his bid for the nomination.
"It was truly an honor to run for President of the United States," Pawlenty wrote. "Mary and I will be forever grateful to the many supporters who inspired and sustained the campaign. I am also glad we were able to pay all campaign debts and wind down the campaign properly."
The end of a presidential campaign doesn't always equal the end of campaign debts. Rep. Michele Bachmann's presidential campaign owed more than a $1 million at the end of January, which is the latest filing her campaign submitted to the FEC. Bachmann dropped out of the GOP race following a big loss in January's Iowa caucuses.
Jon Huntsman, who dropped his bid after New Hampshire's presidential primary, still owed more than $3 million in debt as of his March FEC report. Texas Gov. Rick Perry owed just over $14,000 in a report filed in March. Perry dropped out of the nomination race in January and endorsed Newt Gingrich.
Hillary Clinton's presidential campaign spent years paying down millions of dollars of debt incurred after her bid for the 2008 Democratic presidential nomination, including auctioning off time with her husband, former President Bill Clinton. As of a FEC report filing at the end of January, Clinton's campaign still held $245,000 in debt.