Newt Campaign $1 Million in Debt

Given the 2012 presidential candidate’s penchant for excessive spending, this shouldn’t come as too much of a shock: Newt Gingrich’s presidential campaign is $1 million in debt, according to a report to be filed Friday with the Federal Election Commission. After announcing his run in May, Gingrich reportedly raised just $2.1 million during the last three months and managed to spend a whopping $1.8 million. By the end of June, after most of his senior advisers had jumped ship, he had only $322,000 in the bank. Though the only stragglers left are essentially volunteers and paid advisers, the Republican candidate is still forging on—he spent Friday campaigning in Iowa.