From the original report by the Charlotte Observer:
The Charlotte host committee raising money for the Democratic National Convention came up about $12.5 million short of its original goal, according to new reports filed with the Federal Election Commission Wednesday.
The convention contract called for organizers to raise up to $36.6 million to fund the convention. Making their job more difficult: For the first time, the Democratic Party imposed restrictions on where the money could come from, barring cash contributions from corporations and lobbyists.
The Obama campaign’s monthly FEC report for October has revealed that Obama for America took out a $15 million loan from Bank of America back in September. Due to be paid back on November 14– just eight days after the election– the report says the campaign will be paying a 2.5% interest rate plus the current Libor rate.
Many are asking why the first campaign that pledged to raise a billion dollars needs a last-minute $15 million loan, but Twitter users appear content to draw similarities between the campaign, and the presidency.
“[President Obama] seems to accumulate debt with everything he touches,” one Twitter user wrote. Others jokingly said they were “shocked” that a president who oversaw the downgrade of the U.S. credit rating couldn’t oversee a campaign budget.