Gingrich campaign $1 million in debt

Newt Gingrich's Republican presidential campaign reported to the AP that it is more than $1 million in debt, the latest body blow to a bloodied campaign.

The former House Speaker raised $2.1 million over the last six months but spent $1.8 million, leaving him with $332,000 cash on hand, just one third the total debt he owes.

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The latest news is only one of his problems — most of Gingrich's campaign abandoned ship earlier this summer soon after he returned from a two-week vacation to Greece, a trip many staffers were unhappy about.

Gingrich also trails in the polls. A recent survey by the Magellan Strategies Group, a Republican polling firm, had him winning just 5 percent of the Iowa caucus vote. He has decided to skip the Iowa straw poll in Ames, a key test of how well-organized candidates are in the state, and has taken to flying commercial rather than using a private plane. With little financial support and a huge debt load, it will be hard for him to gain traction in the race.