Gingrich presidential bid more than $1m in debt

October 18, 2011 - 12:20 PM

WASHINGTON (AP) — Former House Speaker Newt Gingrich's presidential bid is more than $1.1 million in debt.

The Georgia Republican on Saturday said he had about $350,000 in the bank and brought in more than $800,000 during the last three months. The presidential contender says the average donation was $76.

Gingrich's presidential bid has faced serious challenges, including the resignation of his top aides earlier this year. He spent heavily in the first weeks of his campaign and racked up bills. In the last three months, he paid down $346,000 of that. But he continues to spend; of the roughly $808,000 he raised from July to October, he spent almost $777,000.

Gingrich's debt is the largest known among the serious candidates. Former Utah Gov. Jon Huntsman is close behind with $890,000 in debt.