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Clinton Writes Off $13.2M Campaign Loan

Forgiving loan helps clear way for confirmation at State

By Rob Quinn, Newser Staff

Posted Dec 23, 2008 5:33 AM CST

(Newser) – Hillary Clinton has formally written off the $13.2 million of her own money she lent to her presidential campaign, Bloomberg reports. The move is a big step toward shutting down her campaign committee and removing a potential stumbling block to her Senate confirmation as secretary of state. Clinton still owes vendors $6.4 million from her failed presidential run.

The loan will now be considered a campaign contribution and will not be tax-deductible. The millions, loaned to the campaign when it was struggling to compete with the Obama fundraising juggernaut, may still pay dividends when Clinton goes into the history books, one professor said—as it bought her time to really find "her voice with the American public.”

[Images (4)]

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Hillary Clinton speaks at a campaign fundraiser in New York, Wednesday, Sept. 19, 2007. (AP Photo/Seth Wenig)

Secretary of State-designate Sen. Hillary Rodham Clinton, D-NY, speaks during a news conference with President-elect Barack Obama in Chicago, Monday, Dec. 1, 2008. (AP Photo/Charles Dharapak, File)

Hillary Clinton views the presidential carvings at Mount Rushmore, near Keystone, SD, Wednesday, May 28, 2008, as she campaigns in South Dakota. (AP Photo/Elise Amendola)

Hillary Clinton speaks at a campaign rally in Frankfort, Ky., Saturday, May 17, 2008. (AP Photo/David Kohl)

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She has made a clean break with her political ambitions, at least for now, just as her husband has come clean with his finances.
- Stephen Wayne, a professor of government at Georgetown University

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Clinton Writes Off $13.2M Campaign Loan