Newt Gingrich’s campaign running in the red

at 02:27 PM ET, 03/20/2012

Former House speaker Newt Gingrich has more debt than cash on hand is his presidential campaign coffers, his campaign confirmed Tuesday.

The presidential candidate raised about $2.6 million in February and spent about $2.8 million. He has $1.5 million in cash-on-hand, along with $1.5 million in debt.

“We did pretty well considering the tough environment to raise money in,” spokesman R.C. Hammond said, arguing that the lack of debates and high-profile contests in February hurt Gingrich’s exposure.
Former House Speaker Newt Gingrich speaks at the Alabama primary night rally Tuesday, March 13, 2012, in Birmingham, Ala. (David Goldman - AP)

Those fundraising totals put Gingrich behind all of his GOP rival. Former Massachusetts governor Mitt Romney raised $11.5 million last month, Former Pennsylvania senator Rick Santorum took in $9 million, and Texas Rep. Ron Paul raised $3.3 million.

But Hammond said there were some bright spots in the FEC report Gingrich will file today. The campaign had 14,000 new donors, he said, and 17,000 supporters who donated for the second time. Gingrich was $1.7 million in the red at the end of January, so his debt has actually decreased.

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