Romney Camp Borrowed $20 Million In August

Mitt Romney’s campaign borrowed $20 million in August, before the candidate officially became his party’s nomination. The campaign has paid back $9 million of the loan so far, National Review Online reports:

“We realized that we could collateralize this debt with $20 million of general-election funds that were already sitting in our bank account,” a senior Romney aide says, speaking exclusively with National Review Online.

 

“This is permitted by Federal Election Commission rules,” the aide explains. “In the past, the FEC has specifically contemplated candidates putting up their public financing payments as collateral.” Since Romney is not taking public funds, his finance team found another option.

ABOUT THE AUTHOR

David Taintor is a news editor at Talking Points Memo. Previously, he worked at NBC News and Adweek. He’s a native of Minnesota. Reach him at taintor@talkingpointsmemo.com.

LIKE US ON FACEBOOK