Is Newt’s Campaign Bankrupt?

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An article at National Journal about Obama’s $45 million February fundraising haul mentions a fact I’ve repeatedly emphasized:

Obama’s numbers soundly trumped his GOP rivals in  February fundraising. Mitt Romney brought in about $11.5 million,  whereas Rick Santorum and Ron Paul brought in roughly $9 million and  $3.3 million, respectively. Newt Gingrich has not released his February  totals yet.

If it was good news, we would have heard about it by now. Just got off the phone with the Federal Election Commission press office, which confirmed that the Feburary FEC reports are due Tuesday.

As of Jan. 31, the Gingrich campaign’s net balance — cash-on-hand of $1,788,590, minus debts of $1,726,085 — was just $62,505. February was an uninterrupted series of defeats for Gingrich. After losing Nevada Feb. 4, he was third in Colorado and fourth in Minnesota (Feb. 7), fourth in Maine (Feb. 11), then third in Arizona and fourth in Michigan (Feb. 28).

It is therefore likely that Newt’s financial situation in February deteriorated significantly from the less-than-ideal situation in January, when Gingrich raised just $5.5 million while spending $16.4 million.

What will we learn when the FEC posts the February reports tomorrow? We don’t know, but if the Gingrich campaign didn’t put the brakes on its  $16-million-a-month January “burn rate” soon enough, it’s likely the FEC report will show the campaign ended February with a negative balance — more debt than cash-on-hand.

The silence from Team Newt hints that the red ink might be very deep.

17 comments

  2. Compared to John McCain, that was a valid statement, since McCain was running around calling us racists for worrying about immigration and telling us Obama was a good man…

    you know, like Romney is now.

  6. Easy to go broke when you buy your own domain name from your wife’s company at a 5000% markup, and stay in the best hotels.  What idiot gives credit to a political campaign?  But there were hotels and limo services that allowed Al Sharpton’s “entourage” to run up 6-figure bills, so anything is possible.

    At least we don’t have to worry about those Goldwater-lovin’, “small gummint” conservatives any more:  http://youtu.be/y-WezrKqUBQ

  7. Newt may WANT to go all the way to Tampa, but his campaign bus might get repossessed before that.

    Shame on conservatives for even toying with such a bipolar jackass.  I get that you don’t like Romney, but Newt as an alternative is inexcusable for these serious times.

  8. Agree with the first paragraph. 

    However, Romney isn’t serious either or else he would actually be, like you know, trying to get his base behind him.  Without it, he will go the way of Ford, GHWB, Dole, and McCain.  That is the sad history of GOP squishes.

  11. If Romney “can’t get the base behind him” what does that say about Santorum who’s losing by over a million votes and only has half the delegates?

    Romney does well with conservatives, until he hits the South because of his Mormonism. 

    If Romney’s not a real conservative, why did Santorum say he was?

    http://www.youtube.com/watch?v=U1KRP6-f7OY

    Was he a liar then or a liar now?

     

  14. You sound like the left. When people disagrees with O, it’s racism. When people vote for the other guys, it’s bigotry. 

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