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Wednesday, May 21, 2008

Clinton's $19+ million debt exceeded available cash by $12 million at end of April

UPDATED: I shouldn't do math so early in the morning. The totals have been adjusted. The Clinton campaign included the loans in the compilation of its debt. Jed tells me via the LA Times that the debt is closer to $21 million. I think that number includes the additional $1.4 million in loans Clinton made to her campaign, but I believe that portion of the loan was made in May, not April, and hence not reported on the latest FEC report.

Hillary Clinton raised $21 million in April, plus she made another loan to the campaign of $5 million last month.

The campaign's debt at the end of April totaled $19480893.26, plus including $10 million in outstanding loans (none has been repaid). Cash on hand was $29.6 million, but a large portion of that amount, approximately $23 million, is unavailable because it was raised for the general election.

So, the Clinton campaign is in some serious money trouble -- even with the revised numbers. I had to do my own calculations here (and had to recalculate): At the end of April, her campaign had $6.6 million available. The $19+ million in outstanding debts to vendors plus includes the $10 million in loans means the campaign's debt exceeds $19 million. Her debts exceed available cash by over $12 million. Not good. There have been additional loans, too, since the end of the reporting period. Plus, she still owes Mark Penn $4.8 million. Good luck getting people to chip in to pay him.

Not sure how this fundraising debacle is supposed to inspire superdelegates.

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