Newt Gingrich ends his White House dream today with his political committee facing a mountain of debts — owing about $4 million to scores of businesses and campaign workers around the country who fear they will never get paid.
Campaign watchdogs said the size of Gingrich’s debt is extraordinary — and could have been avoided if the candidate and his team had been more disciplined.
“He was reckless in running up these bills, especially in the last month or so of the campaign when it was quite clear that Mitt Romney would be the nominee,” said Craig Holman, a government affairs lobbyist for the watchdog group Citizen Union.
The campaign has been dogged by financial problems since last summer, but its cash crunch accelerated in recent weeks. It finished March with $4.3 million in debts, an alarming increase from $1.5 million at the end of February, according to reports filed with the Federal Election Commission.
Help may be on the way. USA Today reports that Gingrich, in an interview, said he is embracing Mitt Romney’s candidacy, and Romney and the Republican National Committee have offered to be helpful in retiring Gingrich’s debt.
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