Bloomberg News

Charlotte Host Committee Says It Will Repay Debts on Its Own

September 08, 2012

The Committee for Charlotte 2012, which was charged with raising money for the Democratic National Convention, says it won’t rely on the Obama campaign or the Democratic National Committee to repay any of its outstanding debts.

The group, which promised to raise $36.7 million for the Democratic National Convention Committee, will disclose how much it has drawn from a line of credit from Duke Energy Corp. (DUK:US) when it files its report with the Federal Election Commission on Oct. 17, said Joshua Field, the communications director for the committee.

“Any credit that is used will be paid back via additional fundraising efforts made by the Host Committee,” Field wrote in an e-mail. “All budgetary details, including those regarding the line of credit from Duke Energy, will be disclosed in our FEC report.”

He disputed a report by Bloomberg News that Democrats ended their convention in Charlotte $5 million short of their target, even after relying on $10 million line of credit from Duke Energy. Bloomberg News reported yesterday that the shortfall will leave a $15 million bill that eventually will have to be paid by President Barack Obama’s campaign or the Democratic National Committee, citing a Democratic Party fundraiser, who requested anonymity.

“We will not have to close a $15 million fundraising gap because we do not have a $15 million fundraising gap,” Field said, without revealing the size of the fundraising shortage.

The host committee failed to reach its $36.7 million fundraising goal because the DNC banned direct cash contributions from corporations, which have traditionally underwritten presidential nominating conventions. Republicans didn’t have a similar prohibition for their convention last month in Tampa.

To contact the reporter on this story: Hans Nichols in Washington at hnichols2@bloomberg.net

To contact the editor responsible for this story: Steven Komarow at skomarow1@bloomberg.net


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Companies Mentioned

  • DUK
    (Duke Energy Corp)
    • $72.18 USD
    • -0.21
    • -0.29%
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