Newt Gingrich raises $2M, reveals significant debt

Newt has a lot of obstacles to get over if he is going to be relevant much longer. First, several of his keep staffers quit. Then there are the questions about his bill at Tiffany's and now this. I hope Newt can make it to the primary season, but it is not looking good.

Former House Speaker Newt Gingrich will report raising approximately $2 million in the second fundraising quarter of the year and ending the month of June with $225,000 in the bank, POLITICO has learned.

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.

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