One reason it’s not Hillary: Debt load

posted at 11:50 am on August 22, 2008 by Ed Morrissey

Hillary Clinton only scratched the surface of her massive debt in the two months following the suspension of her campaign.  The debt, initally estimated at over $24 million, has decreased by only $1.2 million in the last ten weeks.  Hillary backers blame Barack Obama for not making more of an effort:

Well over two months have passed since Hillary Clinton formally abandoned her White House bid, but newly-released Federal Election Commission reports show the New York senator has made little headway in paying off her sizeable campaign debt.

According to an FEC report filed Wednesday, Clinton’s debt as of the end of July stood at just under $24 million — a decrease of only $1.2 million since the end of June. More than $13 million of that total is owed to the New York senator herself, while close to $11 million is owed to individual vendors. Clinton has suggested she is not seeking to pay back the money she owes herself. …

“He has provided her with a pittance compared to what the Clintons have given Obama,” prominent Clinton backer Lynn Forrester told the Times of London. “Her debt could have been cleared within 10 days. It’s ungracious.”

Obama hasn’t the time to provide much assistance to Hillary on her debt.  Right now, with the DNC doing such a poor job of raising money, Obama has to focus on his own fundraising just to keep up with the Republicans.  With his reversal on public financing and his polling numbers falling all summer long, Obama can be forgiven for focusing on his own woes.

This is why it will be difficult, if not impossible, to add Hillary to the ticket.  Obama may or may not be required to cover her debt by law, but practically speaking, he’d be stuck with her bills.  Even if he didn’t cover Hillary’s $13 million in personal debt, which she says she’s not looking to recover, Obama couldn’t just tell vendors owed over $11 million to just “get over it”.  Politically speaking, stiffing businesses for the bills owed for Democratic Party activities would be a gold mine for Republicans and John McCain.  Nor does Obama have any great desire to pay Mark Penn’s bill, especially after the release of his memos.

Hillary will have to keep competing with Obama in paying her debts.  Obama won’t be in any position to help her, even if he wanted to do so — which clearly he doesn’t.


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Obama won’t help his brother in Kenya either. Why is he so stingy?

Dr Evil on August 22, 2008 at 11:32 AM

Debt load

And don’t forget the “Foster Factor”.

Tony737 on August 22, 2008 at 11:33 AM

Her over extension of campaign expenditures is nothing to compare to the baggage she would bring. Time does not heal all wounds in some cases.

volsense on August 22, 2008 at 11:34 AM

Many known knowns*, a handful of known unknowns**, and a slew unknown unknowns*** we will never know about her.

*These are things we know that we know.

**There are things that we know we don’t know.

***There are things we don’t know we don’t know.

h/t Rummy

Brat on August 22, 2008 at 11:37 AM

I don’t understand why so many would have extended her campaign so much credit. You can’t loan a lib money and expect anything approaching prompt payment. Democrats seem to think they should be able to borrow and force others to take care of the debt.

flyfisher on August 22, 2008 at 11:40 AM

Would love to be a fly on the wall during Obamas’ finance discussions.

“What the **** were you thinking, giving up gov’t financing?!”

Mew

acat on August 22, 2008 at 11:42 AM

And don’t forget the “Foster Factor”.

Tony737 on August 22, 2008 at 11:33 AM

Are you suggesting Obama is concerned about winding up in a nice rug?

flyfisher on August 22, 2008 at 11:42 AM

So basically, both Hillary and Obama said to their supporters: “show Hillary how much you love and support her by helping her retire her debt.” The result: we don’t love you, Mrs. Clinton!

The democrat party is like the carcas of a dead animal being eaten away from within by maggots.

jeff_from_mpls on August 22, 2008 at 11:42 AM

Many known knowns*, a handful of known unknowns**, and a slew unknown unknowns*** we will never know about her.

*These are things we know that we know.

**There are things that we know we don’t know.

***There are things we don’t know we don’t know.

h/t Rummy

Brat on August 22, 2008 at 11:37 AM

I would vote for Rummy over McCain anyday!

Anita on August 22, 2008 at 11:43 AM

So who is this Chet Edwards that appears to be a dark horse?

ConservativePartyNow on August 22, 2008 at 11:45 AM

This is why it will be difficult, if not impossible, to add Hillary to the ticket. Obama may or may not be required to cover her debt by law, but practically speaking, he’d be stuck with her bills.

He’ll also get her Bill, possibly an even bigger liability.

BKennedy on August 22, 2008 at 11:45 AM

Refinance the houses with Home Equity Loans then don’t pay the monthly. Then, the government will take care of it

doginblack on August 22, 2008 at 11:46 AM

So…Hillary assumes that Obama needs to help ‘retire her debt’? Actual officials connected to Clinton/Dem leadership suggest that Obama has to bail out Clinton? Why? She ran up the bills in a losing campaign. This doesn’t happen in the real world-not even while playing Monopoly would the winner have to pay the loser’s bills.
And Democrats want us to trust them with OUR money?

Doug on August 22, 2008 at 11:47 AM

The main reason she won’t be VP nominee–she wouldn’t touch it with a 10 foot pole. Her family is from Chicago. She’s known all about Ayers and Rezco for months, and there is no way to justify his associations with them. I can only assume there are many other dicey folks with whom Obama works/worked.

funky chicken on August 22, 2008 at 11:49 AM

He won’t give the VP to her, but will she offer the VP to him?

Think_b4_speaking on August 22, 2008 at 11:55 AM

One reason I dont think its EvanBayh is because dems might be afraid of losing his senate seat. They want that magical 66 number and Indiana isnt a strong statewide race for the dems. They could replace Biden easier than Bayh.

William Amos on August 22, 2008 at 12:01 PM

Much like what he’s doing to Charlie Rangel he’s just teaching her a lesson.

TooTall on August 22, 2008 at 12:02 PM

This is so very much at the heart of the Left. Guaranteed outcomes.

Hillary and her campaign amassed a huge debt. It is up to Hillary to retire that debt.

Here in the Midwest, it took over a decade for John Glenn to retire or refinance the debt from his failed Presidential bid. And in my town, my county, we still haven’t been paid/reimbursed for the added expanses imposed on the locals for the Kerry/Edwards [lying]dog and [silky] pony show that rolled through here in 2004.

Obama and the Dem party have no obligation to retire Hillary’s debt. I would hope they would legally retire their own.

Small towns across America take it in the pocketbook/wallet every time one of these free spending campaigners uses our towns as a backdrop for their political campaigns. Cash up front…now that’s a neat idea.

coldwarrior on August 22, 2008 at 12:06 PM

Rush reporting Hillary wasn’t even vetted.

TheBigOldDog on August 22, 2008 at 12:08 PM

She only has 4 years to get rid of this debt so she will be free to run in 2012.

MarkTheGreat on August 22, 2008 at 12:09 PM

Nor does Obama have any great desire to pay Mark Penn’s bill, especially after the release of his memos.

I find it odd that Hillary is in debt to Mark Penn. He should have to eat whatever part of his bill relates to his personal compensation since he was hired while she was the front runner and proceeded to lose the race. Must be frustrating to Hillary to have to pay off the guy who lost her the nomination.

dedalus on August 22, 2008 at 12:17 PM

Looks like it’s time for Shillary to write that next bestseller : IT TAKES A VILLAGE TO PAY OFF MY DEBTS!

pilamaye on August 22, 2008 at 12:24 PM

I don’t understand why so many would have extended her campaign so much credit. You can’t loan a lib money and expect anything approaching prompt payment. Democrats seem to think they should be able to borrow and force others to take care of the debt.
flyfisher on August 22, 2008 at 11:40 AM

This is exactly the mentality of the liberal left and how they think it’s the responsibility of the government to finance their every whim. Obama promise’s billions daily to his electorate in new entitlements and never mentions who’s going to pay the debt.

Rovin on August 22, 2008 at 12:40 PM

Just wait for the flip, the Chosen One will yet embrace public financing.

GarandFan on August 22, 2008 at 12:51 PM

never mentions who’s going to pay the debt

Actually, Barry often does mention some of the people he’s going to soak in the name of “fairness”. He calls them “The Rich”, anybody making over $200K/year. Except when he talks about raising other taxes “in the name of ‘fairness’!” Then, he’s talking about most anybody paying taxes.

On a related note, can Herself use the reputed $26mil she has retained in her General Election fund to pay off her debts once the election is over or does she keep it in an interest-bearing account until her run in 2012?

GeneSmith on August 22, 2008 at 1:04 PM

She can play the cattle futures game again.. then she can rake in the cash to pay off her debt.. /sarc off..

Again.. the unity.. it’s amazing to see the Messiah at work in the healing process.. bringing both halves together..

healing the world, and hope and change and unity is front and center in the Democratic party..

/sarc off button not working today..

DaveC on August 22, 2008 at 1:13 PM

Obama won’t help his brother in Kenya either. Why is he so stingy?

Dr Evil on August 22, 2008 at 11:32 AM

Beacuse if elected he will send more of OUR money over to make Kenya a better place.

TroubledMonkey on August 22, 2008 at 1:38 PM

Apparently, her campaign, like America, could not afford all of her ideas…

Nozzle on August 22, 2008 at 1:56 PM

The only reason to put anyone from Texas on the ticket would be if that would put Texas in play, and Chet Edwards ain’t gonna do that.

Labamigo on August 22, 2008 at 5:03 PM

One reason it’s not Hillary: Debt load

WRONG…Bill’s shadow!

byteshredder on August 23, 2008 at 1:37 PM