Democrats that want you to re-elect Obama because he can fix the economy given time. The irony is they can't stay within a budget for their own convention and will have to borrow to pay for it. Democrats Ran Their Convention Like They Run the Country: At a Deficit
The
Democratic National Convention went US $15 million over its budget, being
forced to borrow money. The
miscalculation could hinder President Obama’s re-election bid, as his campaign
may have to pick up the bill.
On Friday,
Bloomberg News reported another embarrassing fact about the recently
completed Democratic National Convention: it operated at a $15 million deficit.
In a move certain to raise eyebrows at the Federal Election Commission, $10
million of that deficit was covered by a temporary line of credit from Duke
Energy Corporation. Even with that borrowed $10 million, the DNC still owes
vendors $5 million, and it doesn't have the cash to pay them:
Democrats ended their convention in Charlotte $5 million short of their
budget even after being forced to draw down a $10 million line of credit from
Duke Energy Corp. (DUK), according to a Democratic Party fundraiser.
That will leave a $15 million bill that eventually will have to be paid by
President Barack Obama’s campaign or the Democratic National Committee,
according to the fundraiser, who spoke on condition of anonymity to discuss
internal deliberations.
The Charlotte Host Committee ended the convention with more than $5 million
in immediate obligations and may require a direct cash infusion from the Obama
campaign to pay vendors, said the fundraiser.
The $10 million line of credit to Duke Energy will need to be repaid next
year, said a second person familiar with the matter, who also spoke on condition
of anonymity. Duke Energy Chairman and Chief Executive Officer Jim Rogers is
co-chairman of the host committee.
Those debts could siphon off advertising money in the campaign’s final
months, as Democrats face a cash disadvantage.
The convention's red ink ads to a litany of misfires that characterized last
week's debacle in Charlotte.
On Wednesday, the delegates
shouted
down returning God to the party platform three times before they were
over-ruled undemocratically by convention chairman and Los Angeles Mayor Anthony
Villaraigosa.
On Thursday, President Obama was
forced to move his acceptance speech from the 75,000 open air Bank of
America Stadium to the 20,000 indoor Time Warner Cable Arena.
