NYT: Kerry Has to Decide Soon on Repaying BIg Loan (house)

[DeepModem Mom]

Kerry Has to Decide Soon on Repaying a Big Loan
By GLEN JUSTICE

Published: June 30, 2004


WASHINGTON, June 29 - Among the many strategic decisions facing Senator John Kerry in the coming weeks, one may hit closer to home than others, whether to use campaign contributions to repay the $6.4 million that he lent his campaign or pay it off over time using his own money.

A provision in the new campaign finance law requires Mr. Kerry to pay back the loan shortly after the Democratic convention next month if he plans to use campaign money. Although Mr. Kerry has raised millions of dollars in recent months, using those contributions could not only reduce the money he can spend on his campaign, but also perhaps draw Republican attacks.

"No final decision has been made," a campaign spokesman, Michael Meehan, said.

Mr. Meehan declined to elaborate on how Mr. Kerry would make his decision. The Massachusetts senator mortgaged his house in Boston in December, when his fund-raising lagged as he dropped in the polls. Fund-raisers say the move was a well-timed display of faith that helped the campaign survive its darkest days and signaled supporters that he was not giving up. But the decision, of course, left him with this debt.

Some campaign finance experts question whether Mr. Kerry has the money to repay the loan himself, even though he could take years to retire the debt depending on what agreements he reaches with his lender. The interest alone, which his campaign has been paying, is more than $16,600 a month, according to PoliticalMoneyLine, which tracks campaign spending....


http://www.nytimes.com/2004/06/30/politics/campaign/30loan.html

[struggle4progress]

1. Thanks for the reminder! I've gotta try to give Kerry more money. eom