09-19-2012, 11:07 AM
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#16
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Hall of Fame Poster
Join Date: Aug 2006
Location: Boston
Posts: 25,284
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Re: Romney reports first debt of campaign
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Originally Posted by Hebeill
And i thought Romney and Ryan were suppose to be the fiscally responsible ticket. They seem to have spent more then they've taken in.
Romney Reports First Debt of Campaign - Yahoo! News
DALLAS - For the first time in this campaign, Mitt Romney's campaign is $11 million in debt after borrowing $20 million in August.
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. |
The fact that it was August says it all. Mitt Romney can only spend his primary money until he is officially the named the nominee, and that happens at the convention. Once the convention takes place, he and his campaign are then free to use their post primary, presidential campaign funds. We discussed this about a month ago in here. There are restrictions on primary, and post primary spending.
It's more or less mentioned in the article you linked.
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The move came just before the Republican National Convention when aides had complained they had been running out of primary campaign dollars to compete with President Obama's campaign. At the conclusion of the Republican convention, when Romney officially became the party's nominee, Romney had access to general election funds it had raised.
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All this loan represents is a bridge to get from preconvention, to post convention. Someone mentioned cash flow, and that in a sense is what it is. Romney was more or less the unofficial nominee for some time now, and simply wasn't able, until the convention, to use the money he had raised for his presidential run.
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