Gingrich Campaign Successfully Raises $4.5 Million In Debt

April 15, 2012 — Newt Gingrich’s Presidential campaign shocked the political world this week, announcing it had raised a startling $4.5 million in campaign debt in a conference call with reporters.

“This campaign has been running at full-speed over the past few months,” said the former House Speaker. “This debt is just another sign of the great team we’ve put together and the momentum we have as we head toward the convention in Tampa.”

The announcement is set to infuse a new burst of energy into the flagging campaign that faces near-insurmountable odds against former Massachusetts Governor Mitt Romney.

“Putting together this amount of debt is exactly what this campaign needs to get up and running again,” said Gingrich campaign manager Vince Haley. “By ramping up our spending, putting staffers back to work, we can revive our poll numbers and get this campaign back in the black. This kick-start is putting us on a straight shot to the nomination.”

Some of the campaign’s critics argue that Gingrich’s “spend now” philosophy is unsustainable. “His debt is growing larger and larger every day,” one GOP strategist said off the record. “The path to real political growth is to make massive cuts across the board. Stop making campaign trips, cancel your fundraisers. Fire some staff, that’ll bring in donors!”

Gingrich is set to face another hurdle in the next month, as his campaign heads toward its own debt ceiling. Advisors are gathering next week to begin negotiations on raising the debt ceiling.