It is not surprising that Democrats ran their convention as they ran the country..... with a deficit. A $15 Million deficit.
Via Big Government:
In a move certain to raise eyebrows at the Federal Election Commission, $10 million of that deficit was covered by a temporary line of credit from Duke Energy Corporation. Even with that borrowed $10 million, the DNC still owes vendors $5 million, and it doesn't have the cash to pay them.
Bloomberg News has the details:
That will leave a $15 million bill that eventually will have to be paid by President Barack Obama’s campaign or the Democratic National Committee, according to the fundraiser, who spoke on condition of anonymity to discuss internal deliberations.
The Charlotte Host Committee ended the convention with more than $5 million in immediate obligations and may require a direct cash infusion from the Obama campaign to pay vendors, said the fundraiser.
The $10 million line of credit to Duke Energy will need to be repaid next year, said a second person familiar with the matter, who also spoke on condition of anonymity. Duke Energy Chairman and Chief Executive OfficerJim Rogersis co-chairman of the host committee.
Those debts could siphon off advertising money in the campaign’s final months, as Democrats face a cash disadvantage.
Barack Obama's campaign has recently been in the news for spending more than they are taking in via campaign contributions for multiple months, according to New York Times and USA Today and others.
Irony- The United States hit $16 trillion in debt, the day the Democratic convention began.
Borrow, spend, borrow more to spend more is the Democrats' way of running things. One would think they never heard the word "Budget."
