Democrat Warren, worried campaign run out of money, falls on $ 3 million loan

NEW YORK / WASHINGTON (Reuters) – U.S. Senator Elizabeth Warren raised more money than most of her Democratic presidential rivals in the weeks leading up to the Iowa elections, but she spent so much that her campaign got a $ 3 million loan Borrowed US dollars because she feared she would run out of money.

Warren raised $ 10.4 million in January

All hopeful presidents of the president were required to file financial disclosures Thursday, public documents that provide insight into the management of their multi-million dollar campaign operations. The ability to raise cash and manage grants is an important test for candidates to stay competitive as the nomination contest drags on for weeks.

At least two of the candidates enjoy comfortable cash positions. Billionaire Michael Bloomberg is self-funding his campaign and contributing more than $ 460 million of his own fortune. U.S. Senator Bernie Sanders raised $ 25 million in January and ended the month with $ 17 million in cash.

Democrats, who are still fighting for their party’s nomination, have raised $ 1.2 billion in this election so far, both through donations and from their own money.

Warren became the first top-tier candidate to borrow money after spending nearly 97% of her war chest – the highest rate in the field.

Her campaign said while taking out a $ 3 million loan, she received only $ 400,000. Their February fundraising was more robust, said spokesman Chris Hayden.

“Our fundraiser at the end of the month of January was very successful and February was even stronger for us, breaking our monthly record of more than $ 17 million in the first 20 days of the month,” said Hayden.

Warren fought third in Iowa and fourth in New Hampshire. Her acclaimed performance in a debate this week has given her fundraising a boost.

That may be due in part to her decision to increase her payroll spending in January. While other campaigns boosted television advertising, Warren spent on staff instead.

She increased her payroll 83% in hopes of changing her luck by flooding Iowa with organizers instead of television commercials. She spent $ 3.2 million on staff in December and $ 5.9 million in January, making her the largest payroll.

New York media mogul Bloomberg built up its staff in January after launching its campaign in November. He spent $ 1.2 million in December and $ 5.7 million in January.

Sanders had a payroll of $ 3.9 million in January, 19% more than the previous month. Biden had the smallest increase, increasing his payroll only 6.8% from $ 1.9 million to $ 2 million.

U.S. Senator Amy Klobuchar, who defied expectations in Iowa and New Hampshire, held the smallest payroll through January, spending only about $ 816,000 on employees that month.

Additional coverage from Amanda Becker and Jason Lange in Washington; Arrangement by Richard Pullin

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