Newt Gingrich’s $4.3m debt signals end of campaign

Newt Gingrich has “suspended” his campaign following a lackluster finish behind frontrunners Mitt Romney and Ron Paul in four out of five of Tuesday’s GOP primaries in Connecticut (3rd), Delaware (2nd), New York (3rd), Pennsylvania (4th), and Rhode Island (3rd).

The recent FEC filing from April 20th shows Newt 2012 is a whopping $4.3 million in debt.

The Huffington Post reports that March was one of the slowest fundraising months for Gingrich, “The debts run up by the campaign in March include payments for ordinary campaign consulting work, massive spending on private jets, expenses at a private security firm, and payments to staffers who had to cover their own travel and lodging expenses.”

“The campaign’s most absurd unpaid expenses were more than $1 million to the private jet company Moby Dick Airways, nearly $450,000 to a security firm, and more than $500,000 in travel reimbursements and other payments to individual staffers and consultants.”

Andrew Rosenthal at The New York Times draws comparisons to Greece, “Newt Gingrich is preparing to make the transition from forgotten-but-not-gone to gone-and-hopefully-forgotten by dropping his presidential campaign next week. And he’s doing it in good Reagan-and-Bush-era Republican fashion – carrying on about fiscal responsibility while piling up a nice fat budget deficit.”

“Mr. Gingrich currently has $4.3 million in debt, according to TPM Muckraker – about 20 percent of his Gross Campaign Product, which puts him in Greece territory. He has more debt than any other failed Republican presidential candidate since 1992.”

Observant readers will remember Gingrich was the subject of controversy last year after taking time off the campaign trail to go on a two-week Greek cruise.

Gingrich has stated he will attend more scheduled events, because he’s obviously not ready to just let it go already.

1 Comment
  1. Two (Santorum, Gingrich) of the Four (Santorum, Gingrich, Romney, Obama) Neocon Warmongering Chickenhawks have been knocked out.  Ron Paul is, and has been, the only candidate that is not a Neocon Warmongering Chickenhawk.  Ron Paul is pro-peace, pro-freedom, anti-bailouts and a military veteran.  The Republican establishment would rather see Obama win than Ron Paul because Ron Paul is a real conservative and not a Neocon Warmonger and pro-NY-bankster. 

    Romney is going to get crushed but even if he won, there would be zero difference between him and Obama.