FEC reports will show Romney in debt, campaign sources say
September 18th, 2012
09:55 PM ET
2 years ago

FEC reports will show Romney in debt, campaign sources say

(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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Filed under: 2012 • Mitt Romney
soundoff (31 Responses)
  1. newshead12

    When Sec. Clinton ended in debt, people said that proves her executive skills are weak. I wonder if people will say the same about Gov. Romney?

    September 19, 2012 05:34 am at 5:34 am |
  2. DENNA

    Maybe you should start talking about your economic plan for America before your own funds run out. I can't wait to hear the next blooper that falls from your mouth. Oh, Mittens, you are priceless.

    September 19, 2012 06:13 am at 6:13 am |
  3. GI Joe

    Not to worry – his friend Sheldon Adelson is willing to drop $100 Million into his campaign so BiBi can control our foreign policy and send OUR men and women to war with Iran.

    September 19, 2012 08:59 am at 8:59 am |
  4. Dominican mama 4 Obama

    You have got to be kidding me?
    With all the money he's hauling in you're saying that the "fiscally responsible, much touted businessman" is going to end up with his campaign OWING money?
    How interesting.
    President Obama not only ran THE MOST efficient campaign, but had money leftover to help out Hillary.
    Obama 2012. Forward America, FORWARD.

    September 19, 2012 09:27 am at 9:27 am |
  5. Dominican mama 4 Obama

    Romney's campaign took out a loan of $20 million as it approached its party convention last month and saw accessible funds dwindling,
    -------------------------------------------------
    Robmey had to take out a LOAN?!?
    What kind of budget managing is that?
    We call that spending above your means, not keeping track of what's coming in and what's going out.
    He's being fiscally IRRESPONSIBLE already, you know, the crap they accuse the Obama administration of being.

    September 19, 2012 09:32 am at 9:32 am |
  6. GI Joe

    Why didn't he write a personal check on his Caymen or Swiss accounts? He's not even willing to invest in the republicans.

    Ryan/Romney --– Lying for Votes.

    September 19, 2012 10:06 am at 10:06 am |
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