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DNC's Host Committee Came Up Short

By Michael Catalini // October 17, 2012 | 4:34 p.m.

The host committee in Charlotte, N.C., charged with raising money for the Democratic National Convention was $12.5 million shy of its goal, the Charlotte Observer is reporting.

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.

Read more here: http://www.charlotteobserver.com/2012/10/17/3603482/dnc-host-committee-came-up-125.html#storylink=cpy