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Santorum, Gingrich Quit Race With Millions in Debt

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  • CNN Florida GOP debate
    (Photo: Reuters/Brian Snyder)
    Republican presidential candidates (L-R) former U.S. Senator Rick Santorum (R-PA), former Speaker of the House Newt Gingrich, former Massachusetts Governor Mitt Romney and U.S Representative Ron Paul (R-TX) stand for the national anthem before the Republican presidential candidates debate in Jacksonville, Florida January 26, 2012.
By Anugrah Kumar, Christian Post Contributor
May 21, 2012|11:18 am

Federal filings for April show that when Rick Santorum and Newt Gingrich ended their campaign for the Republican presidential nomination, they were $2.3 million and $4.8 million in debt, respectively.

A filing with the Federal Election Commission made Sunday night shows former Republican presidential candidate Santorum owing $763,000 to top adviser John Brabender's firm for television commercials and $640,000 to Arlington technology company Emotive LLC among other debts, according to The Washington Post.

Gingrich, on the other hand, owed $1 million to a charter airline company, $466,370 for security services, $181,977 for public relations consulting and $165,000 for Web advertising apart from other debts. The former House speaker also owed $580,134 to himself towards travel expenses.

Gingrich's debt could further rise when he files for expenses incurred after April, as he officially ended his campaign earlier this month.

While Gingrich ended the month of April with $806,950 cash on hand, Santorum had $1 million in the bank. They will have to raise the rest.

Presumptive Republican presidential nominee Mitt Romney raised $11.4 million in April for his campaign and a total of $40.1 million, including money brought in by the Republican National Committee.

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Santorum and Gingrich might seek help from Romney's campaign to pay the debts.

Texas Rep. Ron Paul raised $2 million in April, bringing his total to $39.1 million. Paul announced last week he was ending active campaigning for the Republican presidential nomination.

President Barack Obama and the Democratic National Committee so far raised $43.6 million, slightly higher than Romney.

 

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