Failed Republican primary candidates for President — who preached fiscal responsibility throughout their aborted runs for office — face millions of dollars of debts from their now shuttered campaigns.
Former Speaker of the House Newt Gingrich‘s campaign owes creditors close to $5 million, according to his Sept. 30 filing with the Federal Election Campaign.
Gingrich, who used private planes and luxury hotels throughout his failed bid for the Presidency, managed to pile on another 50 grand in debt after his campaign ended, the reports reveal.
“Newt live large on other people’s money,” GOP strategist Al Waring tells Capitol Hill Blue. “That has always been his style.”
The overdue bills from the Gingrich campaign bills include fees for advertising, ballot fees, event expenses, consulting, legal fees, telemarketing, travel and web hosting. Gingrich also stiffed some states when his checks for ballot fees bounced.
Former Senator Rick Santorum, another self-described “fiscal conservative,” owes $1.13 million. Minnesota Congresswoman Michele Bachmann is $607,218 in the hole and Hermain Cain still owes $450,000 in unpaid travel expenses and loans.
In contrast, Texas Congressman Ron Paul ended his third unsuccessful Presidential campaign with a $2 million surplus which, is Paul follows his practice from previous campaign, will go into the foundations that support his various programs and employs members of his family.