July 16th, 2009
10:28 AM ET
13 years ago

Hillary Clinton almost out of the red

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/07/16/art.hrcbobench0716.gi.jpg caption="Hillary Clinton's failed presidential bid against Barack Obama is now almost out of debt, according to reports filed with the Federal Election Commission."]
WASHINGTON (CNN) - Hillary Clinton is almost debt-free from her failed bid for the presidency.

Exactly one year after announcing it was a staggering $25.2 million in debt, her campaign reported Wednesday carrying its smallest amount of unpaid campaign bills since the former New York senator and current U.S. Secretary of State first began her presidential bid in early 2007.

As of June 30, Clinton's campaign organization owed $1.5 million in unpaid bills and had $2.5 million in the bank, according to a new disclosure report filed with the Federal Election Commission. Previously, the smallest amount of debt the campaign had reported was $1.6 million in March 2007, roughly two months after Clinton launched her presidential bid. As the race for the Democratic nomination grew more competitive, the campaign's debt grew steadily and reached its peak on June 30, 2008, just three weeks after Clinton suspended her campaign.

At that point, Clinton's campaign owed $12 million to almost 500 individual creditors and an additional $13.2 million to the candidate herself, who used her own money to help keep her operation afloat. Campaign finance laws forced Clinton to forgive the amount she loaned her committee because she was not able to repay the funds by the required deadline.

Wednesday's filing showed that the campaign now owes $1.5 million to one remaining creditor, Penn, Schoen & Berland, the political consulting firm that advised Clinton during the campaign. The firm's president, Mark Penn, had also served as Clinton's senior campaign strategist. At the start of 2009, the firm had been owed $5.4 million.

Clinton's campaign repaid Penn's firm about $808,000 since the end of May, almost all of it on June 29, the day before the end of the most recent reporting period. The bulk of this amount, $725,000, had been for "mail expenses," while $68,000 was for "web site" expenses, and another $15,000 was for various advertisements.

The campaign raised $541,000 in contributions from April through June and generated an additional $403,000 from both bank interest and from the rental of its campaign mailing lists to other organizations. Those organizations include the national Democratic party's Senate campaign arm, which paid $41,000, and the campaigns of Democratic Sens. Barbara Boxer of California and Chris Dodd of Connecticut, both of whom are up for re-election in 2010.

Two non-profit groups headed by people close to the former senator also rented the list: the "NoLimits Foundation," a policy and issue education organization headed by long-time Clinton adviser Ann Lewis, and the William Jefferson Clinton Foundation, created by the former president. Lewis' organization paid the Clinton campaign $200,000, while the former president's foundation paid $75,000. So far this year, President Clinton's foundation has paid Hillary Clinton's campaign a total of $349,000 in list rental fees.

A federal law known as the "Hatch Act" prohibits Clinton, as the secretary of state, from personally soliciting or accepting political contributions. The law does allow others to raise funds on Clinton's behalf, without her direct involvement.

Since ending her campaign, Clinton has received fundraising help from an all-star line-up of notable Democrats, including President Barack Obama, the man who defeated her for the Democratic nomination, Vice President Joe Biden, and family members such as President Clinton, her daughter, Chelsea, and her mother, Dorothy Rodham.

–CNN's Paul Steinhauser contributed to this report.

Filed under: Hillary Clinton • Popular Posts
soundoff (92 Responses)
  1. white supremacist = al qaeda =hamas = terrorism


    You are a liar. The story you told yesterday about a major of the U.S Army refusing to go to Afghanistan is a complete lie. The guy volonteers to go to war,and it's the only reason the Pentagon let him go. He got kicked out of his job as a contractor for the pentagon because his actions were politically motivated.
    We are here for accurate information, if not would be watching fox liar news.

    July 16, 2009 11:38 am at 11:38 am |
  2. JK Ashburn, VA

    Look closely at the "stimulus" bill that no one read and you'll see money for Hillary, I am sure.

    July 16, 2009 11:40 am at 11:40 am |
  3. Jon in CA

    Come on Hillary and Obama supporters... PAY UP! Why should Hillary have to suffer any debts she created???

    Isn't THIS the America you want? Where people can make horrible financial decisions and expect everyone else to bail them out??

    July 16, 2009 11:43 am at 11:43 am |
  4. Willy Brown

    Who gives a crap

    July 16, 2009 11:43 am at 11:43 am |

    She's back. Obama do right or she'll take you 2012, HOORAY!!!

    July 16, 2009 11:45 am at 11:45 am |
  6. Gene

    Anybody who gives money to help a politician get out of debt is being conned. Everyone on this post made such a big deal of PAlin raising 700,000, while Hiliary has since paid off almost 25 mil, gee, a little bias there you think? Don't feel bad for politicians in debt, it's a lie. They're all super rich and will be for the rest of your life.

    July 16, 2009 11:47 am at 11:47 am |
  7. cool dad

    We have a great President now. The bottomline is it doesn't matter, both Obama and Hilary would make great Presidents! Definitely not John McCain, We would be more in debt and battling two or three more wars

    July 16, 2009 11:49 am at 11:49 am |
  8. Amy

    Bleh. Democrats.

    July 16, 2009 11:51 am at 11:51 am |
  9. calvin

    we i see the emney is using the press to may a point about thje new war fare. next time these libertys howl about water boarding ask the victem if we was scared. then ask the gi would may be beheaded if he was scared. good luck on bashingm bush you ass holes.

    July 16, 2009 11:52 am at 11:52 am |
  10. RahmAxleRod SuperTroopers

    Bill was a great president, as hillary would have followed suit and actually got somthing meaningful done.

    July 16, 2009 11:52 am at 11:52 am |
  11. IA Guy

    @Joe in Austin

    Yes, because Obama done such a great job with our budget. I remember comments like "if she can't balance her campaign budget, how could she run the country?".

    1 trillion in debt...highest ever. I think the numbers speak for themselves. While I hope the President is successful I'm very concerned about the spending.

    July 16, 2009 11:52 am at 11:52 am |
  12. The Lonely Libertarian of Liverpool NY

    Our government is working for everyone but the people; they are in election mode 100% of the time, accepting money, gifts and favors from the lobbyists, Wall Street, banks, global Corporations, PACs, auto industry and unions. The last thing on their mind is “We the People”.

    July 16, 2009 11:53 am at 11:53 am |
  13. Randolph Carter

    That's right, conservatives: fear fear fear. It's nice to have a president who is trying an approach that will pay off in the long term. But your minds are too small to see that. Your paranoia and squirming just make me laugh. Tell me the story about the post office and DMV again. Have a nice day!

    July 16, 2009 11:53 am at 11:53 am |
  14. Fair is Fair

    Expat American July 16th, 2009 9:39 am ET

    Good to hear, Madame Secretary.

    I hope you choose to run again in 2016.

    Try 2012... against a sitting president.

    July 16, 2009 11:54 am at 11:54 am |
  15. Jeff - Texas

    How did she pay for it? It was put in as a earmark in the stimulus plan.

    July 16, 2009 11:54 am at 11:54 am |
  16. Randolph Carter

    Calvin, warfare is one word. Have a nice day!

    July 16, 2009 11:58 am at 11:58 am |
  17. Hillary

    Obama will bail out ............ LOL

    July 16, 2009 11:58 am at 11:58 am |
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