Clinton Faces Debt Challenge

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Kenneth Gross, a former associate general counsel for the Federal Election Commission now with Skadden, Arps, argues that Clinton may be able to transfer those general election contributions to her Senate reelection campaign, as long as the donors agree to the swap. Then, Gross says, her Senate campaign could take over the primary debt as well, and use those funds to pay down the debt.

The Hush-Hush Solution

But the law is ambiguous, and other experts are far less certain. Since much of that funding comes from donors who've already hit the legal limit for primary donations, such a move may not pass muster. "It's an uncharted sitution; they can ask the FEC, but it's unclear they would succeed," says Michael Toner, a former FEC chairman now with Bryan Cave. Paul Ryan, an attorney with the the watchdog group Campaign Legal Center, is even more adamant: "Transfering the money wouldn't help," he says. "They could only use those funds to pay the primary debt if it comes from people who haven't already maxed out their primary contributions."

The confusion is all the more reason why most political analysts say the most likely solution is the one neither campaign will openly talk about yet: Once Clinton leaves the race, Obama would agree to help raise the money she needs. Such bury-the-hatchet help from the victor has been a common practice in many past campaigns—and it would go a long way toward easing the tensions between the two camps and assuring that Clinton, and her supporters, back him fully.

"It's easy to be a gracious winner," says Charlie Cook, the publisher of the nonpartisan Cook Political Report. "Plus, he'll need her a lot more than she needs him."

So look for Obama to hold a few big fundraisers with Clinton, or appeal to his own maxed-out primary donors to cut a $2,300 check for Clinton as well. It's just one more strange turn in a political season that's already had more than its share of surprises.

Sasseen is Washington bureau chief for BusinessWeek.