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