The Romney campaign in a bit of disarray right now, with the release of the damaging '47 percent' video, and this isn't helping anything. Turns out, the campaign everyone thinks is a financial juggernaut is in debt.
The National Review's Robert Costa reports the Romney campaign was forced to borrow $20 million in order to keep up with the spending of the Obama campaign. Yes, you read that right.
Up until the convention, campaigns are only allowed to spend money raised during the primary process. All of the piles and piles of money they've raised during general election fundraising is kept under lock and key until they're officially the party's nominee. As we picked up on around the end of July, going into the conventions Romney was severely outmatched. Obama had $72 million to spend before the convention, while Romney had a meager $20 million.
The Romney campaign was forced to take out a loan instead of sitting around and waiting for their bank account to refill. It's not a huge amount, and they've already paid some of it back. When the FCC reports come out next week they'll show the campaign is $15 million in debt, when in reality they have about $11 million still on the books. But they also have months and months of money to play with, so there won't be a problem paying it down.
This article is from the archive of our partner The Wire.