Big-Money Borrowing For Several Campaigns As Key Tests Approach
WASHINGTON (AP) _ Several presidential candidates resorted to big-money borrowing at the end of 1987, but the rival GOP camps of George Bush and Bob Dole needed no loans as they raked in more than than $6.3 million each.
Former television evangelist Pat Robertson remained second only to Vice President Bush in cumulative receipts for the year as he raised $4.7 million for the quarter including a $1.5 million loan, according to his financial statement filed Monday with the Federal Election Commission.
That brought his 1987 fund-raising total to $16.4 million. Robertson spent virtually all of it, ending the year with $105,850 in cash on hand and $2 million in debts.
Bush’s cumulative total, meanwhile, was $19 million raised and $5.7 million in cash on hand. The total for Sen. Dole of Kansas jumped to $14.3 million, and he ended 1987 with $2.2 million in the bank. Both had about $1 million in outstanding debts to pay off at the end of the year.
Democrat Gary Hart, filing his first financial statement since his December return to the race, reported raising a slim $69,852 for the quarter. Added to what he raised before dropping out of the race last May, that brought his 1987 total to $2.3 million. The former Colorado senator ended the year with $123,524 in cash on hand and $92,522 in outstanding bills.
Massachussetts Gov. Michael Dukakis, although collecting less than he has in previous quarters - $2.6 million - still remained at the top of the Democratic money column with a cumulative total of $10.8 million, and $2.1 million in cash on hand.
Besides Robertson, other candidates who borrowed in the last quarter of 1987 against this year’s federal matching funds that have covered their debts are:
-Sen. Paul Simon, D-Ill., $2.2 million total borrowed, including $45,000 guaranteed by the candidate himself. But $1.4 million was paid back in the same period, partly reflecting a paperwork shuffle that resulted from a change of campaign banks, said campaign counsel Leslie Kerman.
-Rep. Richard Gephardt, D-Mo., $1.4 million borrowed, used for New Hampshire and Iowa media and other expenses. He ended the year with roughly half that sum in cash on hand, and $1.9 million in bills due.
-Former Arizona Gov. Bruce Babbitt, Democrat, $137,000 borrowed, which when added to his previous borrowing, brought his 1987 loans to $629,000. He had $87,114 in the bank, and $792,000 in debts which this year have mostly been paid off, said spokesman Vada Manager.
-Former Delaware Gov. Pete du Pont, Republican, $828,000 borrowed, used for overall operations in anticipation of this year’s matching funds which covered the $744,384 in outstanding debts that he had at the end of the year, said spokesman Fred Stern.
-Former Secretary of State Al Haig, Republican, $340,000 borrowed, amounting to nearly half the $692,760 in total receipts he reported for the last quarter. He ended the year with $135,939 on hand.
-Rep. Jack Kemp, R-N.Y., $1.85 million borrowed, continuing the heavy borrowing strategy in which he spent money for fund-raising mail and media against this year’s matching funds. He ended the year with only $127,982 on hand and $3.5 million in debt, and now is back in the black due to his $3.9 million in new matching funds, said press secretary John Buckley.
Democrat Jesse Jackson did not take out any loans but ended the year more than $450,000 in debt, with only $2,150 in cash on hand.
Dole edged out Bush in receipts for the quarter ending Dec. 31, taking in $6.35 million to the vice president’s $6.33 million.
Bush avoids tying up money on deposits such as phone and rent by maintaining a $607,000 line of credit with a bank, said spokeswoman Ede Holiday. That credit line is not reflected as a loan or included in the vice president’s receipts.
In Iowa, where next week’s caucuses are a critical early test, several candidates were spending heavily. The 1987 totals showed that Bush, Dole, Dukakis, Gephardt, Babbitt and Simon each had neared the half-million-doll ar mark against the spending limit estimated at some $760,000 that federal law allows them to spend in Iowa. The state spending limits are based on population and cost-of-living indexes.
Dole, favored to win the GOP contest, reported spending $490,343 on his campaign there, while Bush spent $460,673. Among the Democrats, Gephardt spent the most, $494,175. The figures do not include 1988 spending, which has intensifed as the Feb. 8 caucuses near.
In Michigan - where Bush, Kemp and Robertson have been embroiled in a contentious caucus scrap - Bush reported spending $804,234 for the year, to Kemp’s $25,070, and Robertson’s $308,285.
Dukakis’ report reflects considerable emphasis on Florida, Texas, Minnesota and North Carolina. Robertson reported continued heavy activity in Texas, California, Florida, Louisiana, South Carolina and his home base of Virginia.
Reports available Monday showed the following receipts for the last quarter and the calendar year 1987, including loans:
-Bush, $6.3 million, for a cumulative total of $19 million.
-Robertson, $4.7 million, cumulative $16.4 million.
-Kemp, $3.9 million, cumulative $10.2 million.
-Dole, $6.4 million, cumulative $14.3 million.
-du Pont, $2.1 million, cumulative $4.7 million.
-Haig, $692,769, cumulative $1.6 million.
-Dukakis, $2.6 million, cumulative $10.8 million.
-Simon, $4 million, $6 million.
-Gephardt, $2.5 million, cumulative $5.9 million.
-Gore, $1.2 million, cumulative $3.9 million.
-Babbitt, $522,457, cumulative $2.4 million.
-Hart, $69,852, cumulative $2.3 million.
-Jackson, $311,750, reflecting December contributions only because Jackson files monthly rather than quarterly, cumulative $2 million.