Retiring Debt

Hillary Clinton is expected to "suspend" her campaign today, a distinction that will allow her both to hold onto her delegates (although her endorsement would release them to Obama if they choose to switch to him) and to continue to raise money to pay off her $30 million in campaign debt. Clinton advisers are telling The AP that Hillary Clinton will seek help from Barack Obama in retiring the debt.

In politics, money talks. And money is likely to be an important factor in discussions between Barack Obama's advisers and the debt-saddled Hillary Rodham Clinton campaign.

Clinton will likely seek help from Obama in retiring her massive campaign debt, which has swollen to more than $30 million, including $11 million she lent the effort, advisers said Thursday.

How Obama helps Clinton with this could be tricky, but Eric Kleefeld makes an important point that should allay any Obama supporters' fears that it's their donations that will go toward settling Clinton's debts.

For the sake of clarity, it's worth pointing out that the Obama campaign cannot directly give money from its own treasury to the Clinton camp. Instead, Obama would ask his top fundraisers to help bring in the money, and likely send out e-mails to his much-praised list of small donors asking them to give Hillary a hand.

Of course, whatever deal the two do strike, Barack Obama won't exactly come away empty handed himself.

The former first lady, who plans to bow out of the race and endorse Obama on Saturday, told donors she will raise money for Obama's campaign, both to help the Democratic Party's cash position and to expand the Illinois senator's prodigious fundraising base. Her advisers estimate the former first lady could bring in $50 million to $100 million for the general election campaign...

And, if The AP article is any indication, some of Hillary's advisers may be using the talks to get something more than merely money out of the deal:

...and much more if she were named Obama's running mate.

Tags: 2008 Presidential election, Barack Obama, Debt, Democratic nomination, Hillary Clinton (all tags)

Comments

46 Comments

Re: Retiring Debt

If we all pitched in (as in, all of Obama's supporters) and threw $10 at Clinton, she could at least pay off her vendors. That, I might be okay with. For the loans she gave herself, well, I think she needs to bite the bullet and call that money gone. She wanted to stay in, which is fine- it helped us build party infrastructure we couldn't have done otherwise- but it was her decision.

At this point, though, does it matter if she holds onto her delegates or not? I mean, mentally, it sounds good- she's got 1900 delegates- but it doesn't really represent anything at this point. If something occurs to make Obama not our nominee, then it won't matter anyway, will it?

by ragekage 2008-06-07 07:09AM | 0 recs
I would donate if

there was some kind of guarantee that employees and vendors would be paid off first, and Mark Penn and the Clinton's were last.

by parahammer 2008-06-07 07:15AM | 0 recs
Re: I would donate if

Indeed, I could probably be convinced to fork over more if I knew that f*cker Mark Penn wouldn't get a dime of it.

by ragekage 2008-06-07 07:20AM | 0 recs
What jiustifies

Wasting 30 million than asking for help..

real balls this lady has

by marketingman 2008-06-07 07:38AM | 0 recs
Re: What jiustifies

I know what you mean, but she did build infrastructure for the fall we wouldn't have had otherwise. That's why I'm somewhat open to the idea of giving her vendors a hand, if not her and good 'ole Marky Mark.

by ragekage 2008-06-07 07:45AM | 0 recs
Re: I would donate if

I was ready to refuse (its not my job to reduce the loss a couple worth 9 figures will take that resulted in a course of action that IMO helped Republicans) but if that kind of guarantee was in place I might be convinced to give a token 20.

by PantsB 2008-06-07 07:48AM | 0 recs
Re: Retiring Debt

I think that Obama and his supporters will be helping out, especially as the party starts to really unify. Senators Clinton and Obama both have to participate in that.

With that, here's a sign of something happening:

http://rasmussenreports.com/public_conte nt/politics/election_20082/2008_presiden tial_election/daily_presidential_trackin g_poll
Obama's bounce is primarily the result of Democrats beginning to unify behind his candidacy. For the first time all year, Obama is supported by 80% of Democrats over McCain. In recent months, his support from Democrats has typically been in the high-60's or low-70's range.

How much of a change has there been?

The Rasmussen Reports daily Presidential Tracking Poll for Saturday shows Barack Obama attracting 46% of the vote while John McCain earns 42%. When "leaners" are included, Obama now leads 48% to 45%. Leaners are survey respondents who initially do not favor either candidate but indicate their support on a follow-up question. One week ago today, McCain had the edge over Obama, 46% to 43%.

I think this is just the start!

Oh, and by the way, Mccain's support from Republicans in this poll is only marginally better (84% versus 80%), although it has been months since he clinched the nomination.

by politicsmatters 2008-06-07 07:11AM | 0 recs
Re: Retiring Debt

And yesterday, Gallup reported:

Although Wednesday night's interviewing showed no immediate bounce in national support for Obama versus McCain, Thursday night's results were quite favorable to Obama.
http://www.gallup.com/poll/107737/Gallup -Daily-Obama-46-McCain-45.aspx

I think if Obama supporters see Clinton genuinely working to unify the party, they will help her financially. And that should make it clear to Clinton supporters, that Obama supporters want to help the Clinton campaign.

by politicsmatters 2008-06-07 07:14AM | 0 recs
Re: Retiring Debt

That's hott.

by ragekage 2008-06-07 07:21AM | 0 recs
Where are her 18 million supporters?

Her most voters ever can't pay off her debt? Why does she beg for money from Obama supporters? We need that money to defeat Republicans. Is it 100 million the Clinton's are worth? Where are her corporate and lobbyist friends? Where are the feminists?

by ImpeachBushCheney 2008-06-07 07:17AM | 0 recs
Paying off the debts in a close primary is

customary.  This was the closest primary in history.  

by Sandy1938 2008-06-07 07:21AM | 0 recs
Re: Paying off the debts in a close primary is

yes but sensible canidates dont spend 30 after the race is lost     a moron knew this race was over months ago

by marketingman 2008-06-07 07:40AM | 0 recs
Re: Paying off the debts in a close primary is

Oh! You're a troll. Why didn't you say so before?

by ragekage 2008-06-07 07:46AM | 0 recs
AMEN!!

by Sandy1938 2008-06-07 08:27AM | 0 recs
Re: Where are her 18 million supporters?

Even if they made a hundred twenty million bucks doesn't mean they can hack it all in cash. Not that it makes it right (in my eyes) to help repay her own loans to herself, but just to frame that for you. Bill Gates is worth eleventy billion dollars, yeah, but that's not cash he can access anytime he pleases.

We need to help her hack off some of her vendor debt and then focus on the general election.

by ragekage 2008-06-07 07:24AM | 0 recs
I am all for party unity-----

but now that Hillary is an Obama surrogate officially,  I expect KOS to call off his anti-Hillary dogs.  I also expect Obama to denounce the media and defend her when they start parsing her words and attributing Machiavellian motivations.  I do not think that is too much to ask .

However, KOS is at it again.  And if this tone continues all the way to November,  don't look for Unity at all.  

by Sandy1938 2008-06-07 07:18AM | 0 recs
Re: I am all for party unity-----

I hear you, but if I see a very sincere Hillary Clinton working to unite the party, I will pitch in.

After today's speech, sometime she should contact the groups and bloogers who are Clinton supporters for McCain/for not voting for Obama and should talk to them about why their acts are damaging to what Clinton has worked for in the last 35 years plus.

by politicsmatters 2008-06-07 07:20AM | 0 recs
I see your point----

but KOS is a big blog,  and it supposedly works for democratic causes.  Supposedly it endorses Obama.  So at this point, anything said against HIllary actually hurts Obama imo.

Taylor Marsh, btw, is behind Obama now.  Hillaryis44 and No Quarter,  well there is nothing anyone can do about them

by Sandy1938 2008-06-07 07:24AM | 0 recs
Re: I am all for party unity-----

Gimme a break. Really, I guess Kos is okay, but I think even he knows he's a loudmouth. Don't frame Obama on him, though, anymore then I'd frame Clinton on Larry Johnson. Frame it on the single dad raising a baby girl all by himself who's looking for a better future for his baby daughter and finds inspiration and hope in the image and policies Senator Obama represents.

by ragekage 2008-06-07 07:27AM | 0 recs
Nothing in my post

"frames Obama with Kos".  I am saying that if we want party unity,  people like him need to shut their traps about their personal hatred of the Clintons.  Larry Johnson is not interested in Party Unity, so that is a bad comparison.  Is KOS????  

by Sandy1938 2008-06-07 07:35AM | 0 recs
Re: Nothing in my post

There are several articles on the front page of Kos right now that are sertainly Unity oriented.  This Kos Hate isn't helpful.  Both sites stand for the same thing, at the end of the day.  Kos isn't the "Great Orange Satan", they just made a choice a while ago and stuck with it just as vehemently as many Clinton Supporters did here.  There isn't anything wrong with that.  Both sides had great reasons to support their candidate.  Now there's one left and I hope MyDD and Kos make peace.

by SpanishFly 2008-06-07 07:39AM | 0 recs
Re: Nothing in my post

Dang, I sure wish I could correct spelling in my posts after the fact.  Ugh.

by SpanishFly 2008-06-07 07:41AM | 0 recs
That's understandable during the primary....

but now that its OVER,  why am I still seeing anti-Clinton diaries on the REC list at KOS.  And why did Kos himself write one yesterday???

They really need to let it go.   I have, and I have no use for dragging up my list of personal resentments towards Obama in the blogosphere.  I am now an Obama supporter.  

by Sandy1938 2008-06-07 07:46AM | 0 recs
Re: That's understandable during the primary....

Thank you.  I agree, slams on Clinton aren't helpful now.  I hope we can all work together at this time to bring our respective "sides" together.  The proudest moment I've ever had, politically, is that night in November, 1992.  While Obama's victory in this primary is certainly a source of hope and pride, we ain't done shit yet.  Unless we can work together and put him over the top in the fall, we've wasted all of our emotion, money and, frankly, the best opportunity we've had in a decade to really accomplish something special.  UHC and many other things Hillary has worked for her whole life are possible now.  Let's not let that pass us by because we're upset about the past.

by SpanishFly 2008-06-07 07:59AM | 0 recs
Right now there's only one...

anti-Clinton diary on the rec list and if you read the comments, many are questioning the diary's claims and sourcing. Plus there's a lengthy very positive front page Clinton diary by DemFromCT. The kos diary you appear to be complaining about is a push-back on the continuing "popular vote" claims by Clinton surrogates. That's a pet peeve of kos and I can't say I blame him for pushing back since it happened to be Dianne Feinstein who brought it up this time.

by Ian S 2008-06-07 08:04AM | 0 recs
Agreed..both sites should follow DU's policy

The Admin and Democraticunderground gave supporters on both sides until Wednesday to finish venting and after that, anyone using negative divisive language against either candidate will be banned...in other words are the Democratic party and we expect unity and support for the party...if you want to attack our party and leaders...join redstate.  I think Jerome and Kos should do the same.

by netgui68 2008-06-07 07:53AM | 0 recs
I expect O to defend her

against the most egregious attacks.

Him being a man, I guarantee he won't defend her against as many as you'd like. Men, by and large, are much less sensitive to sexism than women.

Conversely, there will be racist things that "get past" the Dems. Borderline things. "Wait, if I criticize I am racist??" stuff.

As long as we don't expect perfection from either one, I think we won't be disappointed.

by Neef 2008-06-07 07:37AM | 0 recs
Only a few are doing it

Most of us have chilled out and will continue to do so..I think we will be much more chilled after a good speach today.  for those over the top..please accept my sincere appology, we need to get past the infighting.

by netgui68 2008-06-07 07:42AM | 0 recs
Re: Retiring Debt

Obama needs to retire Kos

by rossinatl 2008-06-07 07:22AM | 0 recs
Re: Retiring Debt

Those who have new to liberal/progressive causes rarely make themselves so obvious.

DailyKos is one of the most influential blogs in the world.  It was a significant reason behind building the netroots and thus the 2006 pickups (and, yes, Obama's nomination).  Just because he, like the Democratic party, prefers Obama to HRC doesn't mean the site should be "shut down".  

by PantsB 2008-06-07 07:53AM | 0 recs
Re: Retiring Debt

As a Hillary supporter i really can't see why the Clintons would expect to get their $10m back.

by liberalj 2008-06-07 07:24AM | 0 recs
I don't see it either.

If I've got a grand in my savings account and blow a hundred dollars on a bad investment (particularly one fellow economists had panned as such for months), I don't start a collection plate; I suck it up and move on.

by Firewall 2008-06-07 07:31AM | 0 recs
I think it is actually 11.6 million

and really that portion should not be considered in the deal, she chose to continue the campaign by using her funds, just like Romney did, you have two choices when funds dry up...fund yourself or stop your campaign, she chose to use her funds and that should be viewed as a self donation and non refundable.  Besides they have plenty millions more..We don't.

by netgui68 2008-06-07 07:46AM | 0 recs
No doubt

They can helo each other here.  For every dollar and "primary money" Obama can help Hillary with, I'm sure she'll at least be able to help with in GE dollars.  This will more than likely be done via joint appearances with targeting money donated.

Go Dems!

by SpanishFly 2008-06-07 07:31AM | 0 recs
Re: Retiring Debt
It is my wish that Sen. Clinton give a fiery emotional speech that ONLY in the Democratic Party would it come down to a woman and a bi-racial man.
I hope she trashes Bush/McWars...
I hope that this speech is remembered as Obama's speech on Race will be.
by nogo postal 2008-06-07 07:34AM | 0 recs
Re: Retiring Debt

I hope so too.  I think that would send the most powerful message that we are the party for everyone not just the rich and white like Republicans.

by sweet potato pie 2008-06-07 07:42AM | 0 recs
I have an ideal

Senator Clinton could turn over her GE funds to the DNC and we could then donate to her primary rather than the DNC to resolve her debt...win win situation, the DNC is funded and she is relieved or her debt..what do you think?

by netgui68 2008-06-07 07:37AM | 0 recs
Re: I have an ideal

Can she actually do that?

by ragekage 2008-06-07 07:46AM | 0 recs
Re: I have an ideal

GE donations have to be returned to the donors.  It's part of the campaign finance law.

by JustJennifer 2008-06-07 07:49AM | 0 recs
Thanks for clarifying

I admit I am not on top of all the election finance rules...but hey..I was trying to find a good solution.

by netgui68 2008-06-07 07:56AM | 0 recs
Publicly Funded Elections?

Does anyone know if Obama will work toward this?  cuz this is ridiculous.

If Hillary had made the last 3 months of her campaign (when it was clear that she was going to lose) about addressing policy differences then I would have welcomed her presence.  The fact that she conducted herself in the fashion that she did leads me to the moral conclusion that she (and her supporters, if they wish) should be responsible for all of the debt.  

Barack seems willing to solicit help from his rich donors.  What a classy guy.

I wonder if in their meeting she told him that the level of her support would be dependent on the amount of money he could raise for her needless, maliciously spent debt.  It wouldn't surprise me.

by Grand Master Peace 2008-06-07 07:43AM | 0 recs
Re: Publicly Funded Elections?

As an Obama Supporter, let me be the one who says your post isn't helpful, particularly in this thread.  There are ways, customary ways, they can help each other at this point.  All the "Obama is a swell guy and Hillary wasted the money of her supporters" stuff in your post will rub vinegar in the wounds of many Clinton supporters.  Please think about this in the future.

PS.  I've asked before and I'll do it again, I suggest Clinton Supporters here police their own and Obama Supporters here do the same.  It'll be much easier and create much less friction between the sides if we do it this way.  Thank you all.

by SpanishFly 2008-06-07 07:51AM | 0 recs
Thanks for the advice

I can see how the last sentence wouldn't be well received here.

But, I think it is important for her supporters to recognize that the way she accumulated her debt makes an Obama supporter's funding of it a hard pill to swallow.

by Grand Master Peace 2008-06-07 08:01AM | 0 recs
Is it possible to run a doner match

Obama has used donor matches where if I donate $25 another doner does the same.  Maybe we could donate like that and Hillary's maxed out donors could match our funds to Obama...in other words technically you would be donating to Obama by proxy...is this a possibility?

by netgui68 2008-06-07 08:11AM | 0 recs
Re: Retiring Debt

How do you even accrue $30m in debt?

Under federal law, a campaign can only be lent money by the candidate unless its secured by verified campaign assets: furniture and computers, anticipated matching funds, market value of the mailing list. Theres' no way a campaign could have a mailing list worth $19m (allowing for the 11m she lent herself).

The only logical explanation is that its debt owed to vendors. A lot of that would have to be PSB (Penn's firm). Why not just forgive the debt, and Hilary could forgive the debt owed to her by the campaign, rather than have Obama raise money that could otherwise go to electing Democrats.

by desmoulins 2008-06-07 08:27AM | 0 recs
Re: Retiring Debt

this is just the start!

by anasky123 2008-06-26 01:50AM | 0 recs

Diaries

Advertise Blogads