Romney has $50.4 million for fall sprint

AP News
Posted: Sep 20, 2012 6:25 PM
Romney has $50.4 million for fall sprint

WASHINGTON (AP) — At the end of August, Republican Mitt Romney had about $50.4 million to spend on the final months of the campaign, though reports released Thursday showed he owed $15 million on a loan taken that month.

Romney took out a $20 million loan in late August, in the days before his campaign had access to funds they had raised for the general election because he was not yet the official nominee. The new reports show he paid back $5 million before the end of August.

Romney won't have to release his September fundraising data until next month. Campaign officials have said he paid back an additional $4 million on the loan this month.

The loan helped Romney pay for mailings, staff salaries and TV advertising — and it helped his finances appear healthier on paper. It boosted his total receipts to $86.6 million from the $66.6 million the campaign otherwise took in. Romney in fact spent almost as much as he raised during the month of August.

The loan boosted his cash-on-hand total from $35.4 million to $50.4 million.

Romney couldn't spend money raised for the general election until becoming his party's nominee in late August. He used general election money as collateral for the loan.

Romney and the Republican Party raised more than $111 million combined. That was less than President Barack Obama and the Democrats, who raised more than $114 million.