Gingrich raises just $2 million in second quarter -- with plenty of debt

But in a steep obstacle to Gingrich’s comeback hopes, his campaign remains about a million dollars in debt. It will be a struggle for Gingrich to put his balance sheet in the black and fund the kind of operation traditionally required to compete in Iowa, where he has indicated he’ll attempt to turn his campaign around.

Gingrich supporters acknowledge that his debt represents a serious financial challenge, though they note that the Republican has paid down about 10 percent of $1.2 million in invoices since June 9, when most of his senior political staff resigned.

Gingrich himself has been up front about his financial problems, saying during a Monday visit to Clear Lake, Iowa: “The fact is a month of media barrage is painful, and it slowed a lot of things down … Candidly, the consultants left us in debt. But every single week since they left we’ve been cutting down the debt, and we raise more than we spend in a week.”