Personal loans to the Donald Trump campaign in excess of $50 million have been forgiven, according to an announcement by campaign officials Thursday, alleviating concerns of some conservative donors that outside contributions would be used by the candidate to pay himself back.
At odds with Federal Election Commission records which state the New York businessman had loaned approximately $45 million to his campaign, a Trump spokesperson told reporters the campaign was in the process with filing the necessary paperwork to reflect campaign expenditures and debt forgiveness.
Lagging far behind presumptive Democratic nominee Hillary Clinton in fundraising, Trump reportedly has slightly more than $1.3 million to Clinton’s $43 million in campaign funds.
Although Trump has repeatedly stated his personal wealth exceeds $10 billion, political strategists theorize a vast amount of his wealth is investments and inaccessible for campaign expenditures. It is widely believed a majority of the $17 million the Trump campaign has raised comes from the sale of Trump attire, notably the “Make America Great Again” headgear Trump has popularized on the campaign trail.
Trump’s low intake of donations and over reliance on personal loans has frightened GOP insiders, many of whom fear the lack of a traditional fundraising apparatus and minimal national organization will cripple his campaign before the November election.
Although Trump’s campaign reported it spent less than $10 million in both April and May, Trump has repeatedly said he will not entirely self-fund his bid for the White House.
Veteran political tacticians estimate a minimum of $300 million will be required to fund his campaign; likely rival Hillary Clinton’s campaign and its associated superPACs have raised over $300 million to-date.
[The Guardian] [Politico]