Mike Pence’s presidential campaign is facing significant financial challenges, with only $1.2 million in cash on hand and over $600,000 in debt.
In the third quarter, the former vice president raised $3.3 million, and he contributed $150,000 of his own money, a noteworthy amount considering his history of limited wealth.
“The campaign told NBC News it will report having raised $3.3 million in the third quarter, with $1.2 million cash on hand and $620,000 in debt, when its campaign finance filing is due to be made public Sunday. Pence himself chipped in $150,000 from his personal funds, the campaign said,” NBC News revealed.
This fundraising struggle underscores Pence’s lack of momentum in the GOP primary, and the situation may worsen as it remains unclear whether he has garnered enough donors to qualify for the upcoming debate on November 8 in Miami.
Despite these financial difficulties, a Pence ally, speaking anonymously, indicated that the campaign intends to persist in the race, even though they characterized the fundraising quarter as “brutal.”
They acknowledged that the debt Pence is accumulating will be challenging to repay, suggesting that debt-retirement fundraisers may be necessary when he eventually withdraws from the race.
“That debt number is gonna be impossible to pay back,” the Pence ally said. “When he drops out he’s going to have to do debt-retirement fundraisers.”
However, a neutral Iowa Republican operative, also speaking anonymously, expressed skepticism about Pence’s chances, especially in Iowa’s evangelical-rich caucuses, and compared his fundraising results to that of a medium-sized Senate race.
Some Republicans had encouraged Pence to consider a run for Indiana’s open Senate seat in 2024 instead of pursuing the presidency, an option he declined.
Despite these challenges, Pence has been critical of higher-polling GOP candidates in recent weeks. He has faced difficulties in gaining support in polls, and a recent appearance in New Hampshire was met with a less-than-full ballroom of GOP activists.
Pence remains optimistic about his campaign, emphasizing his faith in the future during his public appearances.
“I hope you can pick it up in my voice: I’m very excited about the future. I’m very optimistic about the future,” he said. “Because I have faith.”
