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McCain Campaign May Borrow Money For Primary Push

How bad are John McCain's finances?

Bad enough, apparently, that the campaign is considering a loan to tide them over during the last push before the Iowa caucuses and the New Hampshire primaries.

Campaign officials confirmed a report that McCain may borrow money to finance television ads, mailings and other expenses in those states and in South Carolina. The Associated Press reported that the line of credit would be $3 million.

For McCain, taking a loan would be another admission that his campaign is in desperate straits. Once considered the Republican front-runner with seemingly unlimited resources, his campaign faltered over the summer after failing to raise as much money as his rivals.

But taking a loan does not necessarily mean a win is completely out of reach. In 2004, Democrat John F. Kerry took a similar late-season loan, secured against his personal house, and used the money to secure his nomination.

--Michael D. Shear

By Washington Post editors  |  November 9, 2007; 6:52 PM ET
 
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