Face It, Democrats Are Bad With Money
The host committee for the Democratic National Convention owes nearly $8 million after it fell short of its fundraising goal for the September event.
The committee borrowed $7.9 million from a $10 million line of credit that Duke Energy guaranteed in 2010. That money is due by Feb. 28, 2013, the company said Wednesday.
Overall, the Charlotte host committee raised $24.1 million, and while it was able to cut convention costs to just over $31 million, that still left it well short, the Charlotte Observer reported Wednesday.
The Democrats had self-imposed restrictions that banned contributions from lobbyists and corporations, although labor unions gave $2.2 million to the Charlotte convention, the Observer said.
Duke Energy said it’s working with the host committee, adding that it has not used “any utility customer funds to pay for any aspects of the convention, or events associated with the convention.”