Even as GOP presidential contender Newt Gingrich surges in national polls, his campaign is weighed down by a massive debt accumulated in the early weeks of his campaign, The Washington Post reports.
Gingrich is paying back the nearly $1.2 billion in bills he owed at the end of September from luxury jets, high-class hotels, and other expenses. Although Gingrich has spent $3 for every $2 raised, a campaign spokesman told The Post that most of the debt will be repaid by the end of the year.
The debt, which has recently forced Gingrich to rein in spending on basic expenses, has handicapped the former House Speaker’s ability to match his opponents’ spending in key early-voting states like Iowa, New Hampshire, and South Carolina, The Post reported. Former Massachusetts Gov. Mitt Romney had no debt last quarter.