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March FEC Report: Clinton Further in Debt


Yesterday, Hillary filed her FEC money report for the period ending Mar 31,2008. (Feb numbers here)

Her fundraising has dropped dramatically (from 34.5 in February to 20.1 million in March)

Her debts have increased (now 10.3M owed to vendors vs 8.7 the month before)

She is again spending more than fundraising (spending 2 million more in March than she took in)

And now, even if she writes off her 5 million loan (easy to do when you make 20M+ a year), her cash on hand minus debts owed vendors minus money only spendable in a general election (in the unlikely case she makes it that far) are now at least a half-million in the red.

As a business, she would have to either declare bankruptcy or put more of her money in. But as a political organization, I guess not paying bills and running a deficit is just same old same old politics.

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The first rule of leadership is to lead by example.

The lack of HRC's fiscal discipline is disturbing. Why are *any* vendors still owed money? Is HRC looking to default at some point?

You know it's the smaller vendors that are being stiffed. Is this the same person "fighting" for the small guys?

When candidates run into a cash crunch, it's time for them to leave... or put more of their *own* money into the campaign.

It's time for Hillary to either invest in herself or drop out (due to lack of financial support).

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♪♪♪

You load sixteen tons, what do you get?
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the company store

♪♪♪

Some version of this song is hillary's problem! I've thought for a while that she couldn't "afford" to drop out. But she's just getting deeper and deeper into debt!

Hillary: "another day older and deeper in debt"

Ready on Day 1??? Give me a break!

♪♪♪

Perhaps she is thinking that a victory in PA will infuse her campaign with some cash. She will probably get some donations if she wins.

This is exactly the "after me the deluge" thinking of the Bush Administration that has resulted in the economy we have today. In order to pursue his dreams and follies he overextended the nations resources and spent and borrowed money hand over fist. Do we really want 4 more years of this crap?

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Notice that Senator Clinton only had $8 million in cash, so she had $2.3 million less than she would need to pay off the $10.3 million in debt.

In April, she's spent heavily, and she can't have raised more than March. The hole is now as deep or deeper.

That means that even a post-PA infusion of cash might only be enough to pay off her existing debt, not enough to keep campaigning.

Unless, of course, she really wants to do it on her own nickel just to make sure we know which Democrat is the weak one.

Or take out even more debt.

So what happens if she does not bring in enough money primary funds to pay the vendors? I think no GE funds can be used for primary debts. So if she pulls out of the primary race and her campaign is effectively broke, can the vendors by law sue her personally since her campaign would cease to exist as an entity?

Thinking too much; typing very badly.

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She can set up a site like this one. Or she can pay it herself.

https://salsa.wiredforchange.com/o/1318/t/59/shop/custom.jsp?donate_page_KEY=1925

Roll out Elton John again! She needs more money...

Wow. Thanks for the link.

Something tells me that Hillary would run the country like her campaign.

Where did she learn this from? Her neocon hero's like Bush?

And Obama still can't seal the deal. Millions more in money and he isn't even close to ending it. One has to wonder how "empty" will fair if he does get the nomination.

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WTF?

What the hell does this even mean?

And to make the matter worse, the Clinton campaign's tax expenses suggest that she CONTINUES TO PAY MORE THAN $5M PER MONTH to staff than Obama's campaign.

Her filings state "salary" expense of about $2M per month, similar to Obama, but this is inconsistent with her payroll taxes. For details, see my recent post at http://tpmcafe.talkingpointsmemo.com/talk/2008/04/campaign-death-and-taxes.php

sorry for a typo in my commment:

she continues to pay more than $5M per month MORE to staff than Obama does. Obama pays about $2M/month while I estimate Clinton pays about $7.5M/month in salaries alone (i.e. salaries for which payroll tax must be paid).

No problem. Look at the Clinton Tax filings. Hillary will have no problem getting one of those pay day loans. All she will have to do is show them a copy of Bill's $800,000.00 check from the Columbia Trade Pushers.

So, the real reason Hillary calls it a Red Phone is because she has not paid for it!!!

Let's see....
She can't run a coherent campaign, run a fiscally viable campaign, she can't be civil and uplifting, has no real plan except to stay the course, etc. Am I missing something, or is she using dubaya's play book? Hey, maybe she can get the supreme court to overturn the primary.

McCain/Clinton 2008

Does anyone know if you can use excess primary money in the GE, assuming there is some of course?

I have read several comments over at DKos saying that if she ended her campaign in the red, she could pay off campaign debt with primary campaign funds, as long as the donor gave permission.

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Understanding the concept of a "Pyrrhic Victory," Senator Obama has forced Senator You-Know-Her to bankrupt her campaign (for the second time) fighting to win a campaign battle that she thought she could take gratis. Like the Greek King Pyrrhus said after "winning" a battle but losing most of his army doing it: "One more victory like this and we are undone!"

Recognizing that he might well come up short in Pennsylvania, Senator Obama has correctly calculated that significantly raising the costs of "winning" to You-Know-Her will effectively make any likely "win" by her a financial and public-relations disaster. He can afford to "lose" once in awhile while she can't even affford to "win."

Very good point. She really can't afford to fight in all these remaining states so Obama has an real interest in contesting all of them since that is likely to hasten her exit from the nomination process. In the long run it is likely cheaper for Obama to spend the money up front and shorten this as much as possible.

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What are the chances Clinton will try to get Obama or the Party to pay off her campaign debt (>8M) as her condition for not wrecking the convention?

I stated earlier today that HRC signature claims to anything managerial...whether healthcare or the management of her campaign have all been complete failures.

At this point why people would even contemplate voting for her considering the evidence of her lack of experience and management skills baffles me.

"I'm running on a lifetime of experience"

HRC

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I agree that she has not demonstrated herself to be an especially able manager, though "complete failure" is way too strong. Her campaign has had flaws, but it's been much better run than, say, John McCain's. In any case, her current debt is not an example of poor management. Frankly, I'm impressed that she's been able to raise much money at all given her odds of winning. And if she aims to compete with Obama's fundraising juggernaut, she has to take on as much debt as possible.

How could he have "sealed the deal?" Here are the facts: Obama has the lead and HRC cannot, under any circumstances, get the nom without super dels who are not scheduled to vote until damn near labor day. Meanwhile, HRC has decided that under no circumstances will she leave the race before the actual casting of the votes at the convention by regular and super dels. How then (and I suggest you seek the aid of a calendar at this point) can he "seal the deal"? Does your definition of "seal the deal" include something beyond HRC having no mathematic or practical chance of getting the nomination?

Experienced political watchers tell me that campaigns end when the money runs out. I believe this is the end.

This has to be the end, unless there has been a sudden flood of small online donors (in which case we would have heard about it 24/7 from the campaign, and also there would have been a national stupid virus epidemic alert). The key factor, I think, is that TV stations require cash up front. So while she can carry millions in debts to other vendors, she can't continue to go on the air without money.

Most likely I think she will win by several digits tomorrow (5? 8? who the heck knows) and limp along into IN and NC -- but given the $ factor even that may no longer be possible. I just have to hope that Obama was saying "we're close" for a darn good reason today, as he enjoyed his waffle and, yes by God, his orange juice.

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