Down Debt

Newt Gingrich’s 2012 presidential campaign is still heavily in debt

  • Gingrich’s latest 2012 presidential campaign filing shows a debt of $4.63 million.
  • No presidential campaign in any election cycle owes creditors more money, according to federal records.
  • Gingrich called for a balanced federal budget, writing that “open spending encourages waste.”

Former House Speaker Newt Gingrich is a self-proclaimed fiscal conservative who calls for a balanced federal budget. He is also actively helping Republicans win back the U.S. House in 2022.

But Gingrich’s 2012 presidential campaign committee, nearly a decade past its expiration date, is still swimming in a sea of ​​red.

The “Newt 2012” campaign committee remains technically active and more than $4.63 million in debt, according to the financial filing submitted Saturday to the Federal Election Commission. No presidential campaign in any election cycle owes creditors more money.

The campaign had $747.28 in the bank as of Dec. 31, the filing said.

Newt Gingrich's financial filing for 2021

Newt Gingrich’s 2012 presidential campaign committee remains more than $4.63 million in debt, according to a January 29, 2022 disclosure filed with the Federal Election Commission.

Federal Election Commission


Among those creditors are a host of political consultants, as well as Comcast, Twitter, FedEx and an organization headed by the late Herman Cain, who also ran in the 2012 Republican presidential primary and died of COVID-19 in 2020.

Newt’s 2012 outstanding debt to Herman Cain Solutions, which has been dissolved, is $16,525 for strategic consulting and travel.

Newt 2012 even owes Gingrich himself $649,117 for travel expenses.

Although Gingrich has done little to raise money to pay off his 2012 presidential campaign debts, he is a frequent fundraiser for other Republican committees.

“Our dreams of FIRING Lame Duck Speaker Nancy Pelosi will not come true unless you step in IMMEDIATELY and renew your membership,” Gingrich wrote Jan. 26 in a fundraising email for the National Republican Congressional Committee.

NRC Email

A fundraising email from the Republican National Committee of Congress signed by Newt Gingrich.

NRC


Gingrich could not be reached for comment on his campaign committee’s debt, which has effectively remained the same for nearly a decade.

In 2012, a spokesperson for Gingrich told Politico: “Our preference is obviously not to go into debt. If we could eliminate debt overnight, we would. But realistically, it will take years. .”

Gingrich, the leader of the 1994 “Republican Revolution” who then won a House majority for the GOP for the first time in 40 years, advised House Minority Leader Kevin McCarthy of California as Republicans develop a mid-term re-election strategy in 2022.

Earlier this month, Gingrich detailed in a blog post what he saw as the country’s “real threats.” Among them: “The current system of unlimited spending encourages waste.”

Gingrich called for balancing the federal budget, saying it’s a “requirement for our long-term health as a country.”

“It will reduce inflation, lower interest rates, ease the burden on our children and grandchildren, and rebuild our ability to renew the global reserve currency with leverage over China, Russia and others” , he wrote.

At least one other presidential candidate also in the running Saturday reported excess cash from a long-dormant political committee: Democrat Hillary Clinton’s 2000 and 2006 U.S. Senate campaign committee still has $22,343 on its balance sheet as of Dec. 31, according to FEC records.

Beyond doing nothing, the Clinton committee could donate the money to charity, give it to another political committee, or return it to the US Treasury.

Gingrich and Clinton have long been political enemies. In 1995, Gingrich’s mother revealed to reporter Connie Chung in a controversial TV interview that her son had told her Clinton was a “bitch.”