The Observer explains:
The committee was obligated to come up with $36.6 million to fund the convention proceedings. For the first time, the Democratic party imposed restrictions on where the money could come from, barring contributions from corporations and lobbyists.
Through cost-cutting, the host committee was able to get the convention budget down to $31.3 million, according to host committee CEO Dan Murrey.
But fundraisers were only able to bring in $24.1 million, in cash and in-kind contributions.
To make up the difference, the paper reports, the committee borrowed $7.9 million from Duke Energy, which offered the committee a $10 million line of credit.
And it looks as if the Obama campaign and the Democratic National Committee will not come to the rescue. The Observer again:
Neither the Obama campaign nor the Democratic National Committee will contribute toward making up the shortfall, [host committee CEO Dan] Murrey said.
Did the ban on K Street contributions contribute to the shortfall?
Murrey deflected a question about how difficult the Democratic party's first-ever restrictions made fundraising.
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