Illinois Republican Party

Like Illinois, Giannoulias in serious debt
7/28/2010

"Giannoulias hangs on to primary debt"

By EMILY SCHULTHEIS - Politico

For Illinois state Treasurer Alexi Giannoulias, this year’s Democratic Senate primary isn’t dead and buried – financially, it isn’t even past.

Giannoulias, already facing questions about his fundraising after bringing in less than $900,000 for his general election campaign last quarter, finished June with more than $200,000 in debt left over from a competitive fight for the Democratic nomination.

The candidate owes a total of $208,438 to vendors and staffers, according to his most recent Federal Election Commission filing. Over $61,000 of the debt is owed to consulting firm Adelstein Liston, which produces Giannoulias’ television ads. Another $41,450 covers unpaid bonuses to staff members and consultants left over from the primary.

It’s not uncommon for candidates to emerge from contested primaries with campaign debt. In Kentucky, Democratic Attorney General and Senate candidate Jack Conway owed $331,000 at the end of last month, including $250,000 to himself. In Indiana, Republican Senate candidate Dan Coats owes himself $200,000 after putting personal resources into his late-starting campaign.

Giannoulias has held onto his debt for months now, though: the Illinois primary was the first of the year, back in February. And his fundraising contrasts sharply with Republican nominee Mark Kirk’s. The congressman raised $2.3 million last quarter and ended June with $3.9 million in the bank compared with $1 million for Giannoulias.

Kathleen Strand, a spokeswoman for Giannoulias, said the campaign would pay off its debt “in due time” and waved off concerns about its financial position.

“We’re confident we’re going to have the resources we need to compete,” she said, adding that Giannoulias had experienced “a real surge of momentum in fundraising” amid a string of campaign appearances by White House officials including Vice President Joe Biden and senior adviser David Axelrod.

President Barack Obama is due in Chicago for a Giannoulias fundraiser on Aug. 5. Obama’s former campaign manager, David Plouffe, headlined an event for Giannoulias this week.

SOURCE: Politico

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