Former House Speaker Newt Gingrich is starting up a fundraising vehicle to both wipe out the debt from his 2012 presidential campaign and donate to other conservative candidates.
Gingrich had $4.7 million in debt from his 2012 campaign as of Dec. 31, 2012, The Washington Post reports
The Committee for America is raising money for Newt 2012, his presidential campaign fund, and his American Legacy PAC, begun in 2010 to help like-minded candidates around the country.
“The American Legacy PAC will use proceeds to fund federal candidates and provide online training material for conservative candidates,” Gingrich spokesman R.C. Hammond told the Post. “Newt 2012 will use proceeds to retire debt obligations incurred during the 2012 Republican presidential primary campaign.”
Candidates are allowed by law to establish “joint fundraising committees” to raise money for multiple purposes, as long as contribution limits are observed for each entity, the Post reports.
Gingrich’s joint effort allows him to attract donors who may not be so eager to merely help him eliminate his campaign debt.
The committee’s first fundraiser is slated for April 29 in Greenville, S.C.
© 2014 Newsmax. All rights reserved.