Trump Campaign Says Candidate Will Forgive Millions in Loans
(ABC) -- Donald Trump is promising to say goodbye to all the money he's loaned his campaign.
Trump has largely self-funded his presidential bid, to the tune of $45.7 million as of the most recent filings. That money was given to the campaign as zero-interest loans, and the prospect has loomed that Trump could be repaid by the campaign, with money raised elsewhere.
That won't happen, his campaign said today.
"Mr. Trump has fully extinguished (terminated) this loan per his commitment. Therefore, he has personally invested in excess of $50 million dollars in the future of our country," his campaign announced in a statement emailed to reporters.
Through the end of May, Trump had loaned his campaign $45.7 million, according to the campaign's latest filing with the Federal Election Commission. He had donated nearly $400,000, for a total personal investment of $46.1 million through the end of May.
Financial disclosures covering this month haven't yet been released, but Trump's campaign hinted indirectly in its statement that the candidate has invested more money since Jun 1.
Trump will have to file a signed statement to the FEC to officially forgive the loans.
Accusing his opponents of being beholden to deep-pocketed donors, and deriding them for their well-funded super PACs, Trump largely used his personal wealth to fund his primary campaign.
After that successful effort, Trump backtracked on his promises to self-fund and said that as a general-election candidate he would seek donations to fund his campaign.
He entered June with a cash shortfall: Less than a month after he took the first steps to set up a fundraising operation, Trump had just $1.3 million in his campaign war chest, compared to Hillary Clinton's $42.5 million, at the end of May.