President Obama’s re-election campaign infrastructure is still producing dividends, raising $7 million in the last quarter despite a a relatively dismal fundraising quarter for Organizing for Action, the nonprofit which will advocate for the president’s policies after the campaign account itself is put to bed.
Mr. Obama’s main campaign committee raised $4.3 million and has $3.1 million in debt, while its special large-donor arm, which splits proceeds with the Democratic National Committee, raised $3.1 million and reported $124,000 in debts.
The DNC is $21 million in debt, an obligation that officials say justified given the electoral victories it helped bring, but which now amounts to a hole the party must dig itself out of before it can even begin preparing for 2016.
The campaign of defeated GOP rival Mitt Romney, meanwhile, now has $872,000 in cash and no debts, after paying down $826,000 to FLS Connect, a firm run by a close Romney associate that has profited handsomely from the campaign. Mr. Romney has wide leeway for what to do with the money — he can donate it to the Republican Party, to a super PAC or to charity.
It’s a far better position than some defeated politicians are in. Newt Gingrich, who was beaten out in the Republican primary by Mr. Romney, is $4.6 million in debt, yet has hardly made any effort to pay his bills, records suggest. Nearly 100 companies and 21 individuals remain unpaid for work they did and expenses they incurred for the former GOP House speaker’s campaign.
“This experience was very detrimental to my business and forced me to downsize at a time when jobs are scarce,” said Moshe Starkman, who is still owed $100,000 for expenses he incurred as a business owner who contracted with the campaign.