(CNN) - Campaign finance reports to be released later this week will show Republican presidential nominee Mitt Romney over $10 million in debt, the Romney campaign confirmed to CNN Tuesday, although the debt is a result of federal restrictions on when the campaign can spend its war chest.
Romney's campaign took out a loan of $20 million as it approached its party convention last month and saw accessible funds dwindling, sources said. While Romney has been raising general election funds for several months, he could not spend those funds until he officially accepted his party's nomination at the Republican convention.
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The loans and debt were first reported Tuesday evening by the National Review Online.
A debt of $15 million will appear on the Federal Election Commission reports, due to be filed by the end of the day Thursday.
But Romney's balance on the loan at this point is approximately $11 million, sources said, although his campaign's financial filings has shown he has enough to cover that.
The campaign used the general election funds as collateral for the loan, and said the FEC has previously allowed campaigns to use general election funds as collateral for loans. Prior campaigns have used as collateral their expected public matching funds, but Romney is not eligible for such funds.
Through the end of July, Romney raised nearly $197 million and spent $166 million. His campaign, the Republican National Committee, and allies ended August with $168 million cash on hand.
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The Koch brothers may decide to forget their failed investment. Romney is going down in flames as independents discover he has no actual specifics to support all of his ridiculous promises. He and "Lyin-Ryan" simply spread lies, distortions and right-wing ideology without backing any of it up. All we know is they plan to kill Medicare.
Romney is over! As one of the hard-working 47% he won't "worry about" I will vote for President Obama. He cares about all Americans – not just those in the top 1%!
When it rains, it pours and right now it's a flood for Romney.
He doesn't have to worry because all the super PAC will make up for the spending that he can't do.
Call me crazy but I don't ever want to hear the guy running for president on the "I got math I'm gonna balance that budget" is taking in 100's of 1,000's of 1,000,000's of dollars and is in any way in debt. If he really is going to balance anything shouldn't he be leading by example?
Dear Mr. Romney, So sorry that you will be in debt until you can spend the money in your war chest!!! But if you cannot even pretend to imagine that you would be able to be a good leader for me and the other 47% of the people who are now backing President Obama ... I certainly can't imagine you being my president either!!! Sincerely, KeepingitReal
Hey,I thought Romney was an excellent business man,so what happened..Bush was also labeled as a business man and look what he gave us,two unfunded wars created with lies,unfunded Medicare Part D,unfunded tax cuts and you ignoent losers want another loser reportedly in debt also,over 10 million,what gives people,he can't manage his campaign,probibly can't manage the country either..Ask the 47% what's it like to struggle,the seniors,vets,unemployed,the disabled,the infirmed,college students,the poor they're all Americans and its totally insensitive that a candidate should comment that way even if it was in front of $50,000 a plate dinner for mlionaires,he won't apologize and he thinks he's above the fray,giving his surrogates the dirty job as usual to straighten it up ,damage control again,how arrogent,politically inept a well...But he's your boy,the chosen one,moron amongst morons,losers as usual picking losers,just pathedic!!
So much for not having debt and spending! You cannot make this crap up!
Money flushed down the toilet. Our democracy is not for sale!
Nice trick romney lol
From the party of fiscal responsibility with the economic genius candidate. Maybe Romney will apply for a government loan.
We should have always known the Romney/Ryan campaign wasn't bringing in those hundreds of millions it claimed. It was an old Karl Rove trick to worry the opponents. The Romney/Ryan campaign wasted zillions on buying up media time on national and cable TV for events that absolutely no one would watch. It costs a ton of money to fly two 737's around the country non-stop.
More tax cuts for the rich please.My 5 sons need a yacht just like mine.And elevators to bring them down from the roof.
Lets give the rich more tax breaks so they can create a lot of jobs.Ha,ha,ha,ha,ha!
headline is pretty misleading... sounds like they have plenty of money
Mr. Romney is purported to be good "manager" and Mr. Obama is supposed to be deficient when contrasted with him.
We need only look at how Mr. Romney has mismanaged his campaign to see the falicy of Mr. Romney`s superior management skills.
By contrast, we have proof, in 2008 and this year, that Mr. Obama knows how to build winning, successful teams. Obama is the better manager.
The ONE thing he had going for him was his ability to manage money. Hard to make a case on spending controls when he's in debt.
I mean, sheeesh, is there ANYTHING "Mr.Let-them-eat-cake" can't screw up?
Mr big spending Republicon.
I don't care if they claim he can cover it later. His fiscal policy for his campaign is to "borrow" against it. This is the same type of strategy that Bain used to aquire businesses. Borrow against them, pay yourself a bonus, then leave it with a hugh debt or claim bankruptcy. It didn't matter in the end because "you got yours" in the bonus. Romney's strategy demonstrates through his actions just how he would treat U.S. citizens. His rich buddies would "get theirs" while the debt would be blown beyond repair.
Don't worry , Romney can write it off !
He did last time back in 04.
So in other words....There is no story since he can cover the loan.
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.
What is the interest rate ? People can't refinance or modify there loans . And Mitt shows his true colors . $10 million in debt.
Fiscal irresponsibility and favoritism !
What's the big deal?
Where's the idiot that said he'd be better for the economy