Monday, July 21, 2008

RETIRE THE DEBT: A brief explanation of the current state of Senator Clinton's campaign finances

A number of people have asked about the news that Senator Clinton's 2008 presidential primary campaign remains $25.2 million in debt. That figure bears close scrutiny.

First, it includes the 13.2 million dollars Senator Clinton lent her own campaign and which she has stated she is not seeking repayment for. So the actual amount left to be raised to pay debt to vendors is is approximately $12 million as of June 30. (Note that in a show of good faith, Senator Clinton lent her campaign an addition $1 million during June, to help insure that vendors will be paid and proving that she is not expecting her supporters to fund repayment of her own loans to her campaign._

Second, note that the FEC filing and Clinton campaign reports includes only money raised through June 30 at the latest, not money raised during July which is when many people gained awareness of the significance of retiring the debt, so although I am sure it is still vital to contribute to retire the debt, the actual amount needed by Senator Clinton is less than $12 million.

Third, of the $12 million owed to vendors, $5.3 million is owed to Marc Penn, who Senator Clinton says will take a backseat to other, smaller vendors. That means that Senator Clinton needs most crucially $6.7 million.

$6.7 million dollars isn't nothing. But over the course of her presidential campaign so far Senator Clinton has raised over $230 million dollars. So, I am quite confident that we can manage to contribute another $6.7 million.

Meanwhile, Marc Penn has never said whether he will press Senator Clinton for any or all the money he claims he is owed by her campaign. Since I, for one, have asked him about this specifically repeatedly, and since Mr. Penn has not replied, I assume he will willingly forgive most if not all of the $5.3 million he is currently claiming.

Finally, if you care to show that Senator Clinton still packs fundraising might but you are maxxed out to the primary, you might want to consider a donation to her 2012 reelection campaign. That money does not go to retire the debt but it will play a a critical role in strengthening Senator Clinton's political position both now and in 2012. You can donate to the 2012 campaign fund here on Act Blue.

Bottom line: $6.7 million. No problem. Let's do it now.

N.B. AS MENTIONED ABOVE THESE FIGURES REPRESENT A SNAPSHOT BASED ON FEC FILINGS AND THE CLINTON CAMPAIGN'S ANNOUNCEMENTS. THIS MEANS THAT THESE FIGURES DO NOT REFLECT FUNDS RAISED IN JULY. Having prepared FEC reports and filings myself, I understand entirely why the campaign cannot now release figures related to July - the month is not even over yet. So we have to be patient until we find out what remains to be raised after July, assuming the campaign releases figures for July. In the meantime, if you prefer to wait before donating further to Senator Clinton's campaign, consider a donation to any of the other politicians or causes listed here, including Stephanie Tubbs Jones, Sheila Jackson Lee, and The Denver Group.

1 Comments:

Anonymous Not Your Sweetie said...

The very important point is: PUMA effort won't be reflected in these numbers. Which is a shame - as we needed a boost too, not just Hillary.

July 21, 2008 at 7:31 AM  

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