Newt Gingrich has repeatedly said that he intends to campaign all the way to the Republican convention this fall, but his finances show that the campaign won’t make it through the spring once his creditors come calling.
Documents filed with the Federal Election Commission show that Gingrich’s campaign has $1.54 million in available cash, but $1.55 million in debt, according to Politico. That includes $4,400 owed to the South Carolina Republican Party for “lodging” — even though Newt could have just had another sleepover at the governor’s mansion.
Although Mitt Romney’s nomination is looking increasingly inevitable, especially after receiving former Florida Gov. Jeb Bush’s endorsement today, Gingrich’s 12-point drubbing of Romney in South Carolina back in January will forever be known as the primary that broke the Palmetto State’s perfect record of picking the eventual nominee. Not even tea party “favorite” Nikki Haley could help Romney win the state’s first-in-the-South primary, though we’ve argued that Haley’s support actually hurt Romney more than it helped him.
Since winning South Carolina, Gingrich’s support has evaporated almost as quickly as his campaign cash. The only other state he’s won has been Georgia — his home state — and lately he’s dropped to fourth place in some state and national polls.
Of course, Newt’s IOU to the SCGOP isn’t even close to his campaign’s biggest outstanding expense: a $15,000 ad buy with Twitter. And with Gingrich racking up more charges by the day as he obstinately refuses to exit the race, I wouldn’t count on the state Republican Party getting their money back any time soon.
Also included in Tuesday’s ethics filings: A $46.04 charge by the Romney campaign at Delaney’s Irish Pub in Five Points. Cheers, Mitt!