It's been two months since Tim Pawlenty dropped out of the race for the GOP presidential nomination, but his campaign is still saddled with $450,000 in debt, reports Politico. Debts include $60,000 for campaign HQ rent in Iowa, $25,000 for equipment rentals, and more than $60,000 for printing and postage. “The campaign debt was unanticipated, but we have been doing what we can to address it," said a Pawlenty adviser.
Over the course of his campaign, Pawlenty raised $5.4 million, but poor results caused the money to dry up even as his expenses rose. From July 1 to Sept. 30, Pawlenty's campaign spent $3 million but raised just $1 million. After ending his candidacy, Pawlenty endorsed Mitt Romney, and Romney agreed to help with the debt. “You have to raise a lot of money to be successful," Pawlenty said on the radio last week, noting that when he dropped out, "our finances had basically run dry.” (Read more Tim Pawlenty drops out stories.)