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By Joe Schoffstall, Dec. 11, 2014, Capitolcityproject.com
Ready for Hillary, arguably the largest and most well-know Hillary Clinton super PAC, is already in the negatives.
Despite pulling in tens of thousands of donors — mainly small contributions — and raising nearly $11 million since it was founded just last year, they’re somehow in debt.According to the New York Times, on November 24, the group had $875,626 in the bank. Problem was, they also owed $1 million for a loan from Amalgamated — a union-tied bank that many Democrats use as a means of borrowing money. The purpose of the loan is to expand grassroots efforts of the PAC which they believe, in turn,will bring in many more small contributors.
“This investment, used to fund our massive post-midterms direct mail program, will pay dividends from now until Hillary announces her decision,” a spokesperson from Ready For Hillary told theNew York Times.
Between late September and late November, the group raised roughly $900,000 but also spent $1.8 million during that same time frame — much of which went to Democratic candidates for the midterm elections along with party committees.
The group is bound to pull themselves out of this position, but it’s certainly not the best sign in the world when you raise $11 million total and are in debt before the end of 2014.
Source: www.capitolcityproject.com
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