Newt Gingrich Pulls in $2M, Still $1M in Hole

The good news for Newt Gingrich: His faltering campaign pulled in about $2 million in the second quarter. The bad news: He's still about a million bucks in the hole. That puts him in a tough spot to compete in Iowa, notes Politico, though the former House speaker has been consistently paying down his debts, about 10% in the past month. Gingrich blames the consultants who bailed on his campaign for racking up the bills, along with "a month of media barrage" that "slowed a lot of things down."

Since the shakeup, Gingrich has slashed costs—even flying commercial—and he's relying heavily on volunteer help. “We’ve been weathering a storm and the ship is starting to right itself,” says a spokesman. Gingrich is running in fourth place in Iowa; Politico notes that frontrunner Mitt Romney raised $18 million this quarter. (More Newt Gingrich stories.)