Bob’s First Liberal Deficit

Well that didn’t take too long but it seems Senor Bob is already running his campaign finances dangerously in the red. Naturally all candidates borrow money to finance their campaigns; however, they do have to pay back all loans within 6 months of the end of the leadership. With the Liberal Party of Canada needing to raise money for an election in 2007, do we wanna tap out so many donors reimbursing our debts?

Here is a list of what candidates have borrowed thus far during this race. (figures from Globe and Mail)

Michael Ignatieff 170 000$ (14.5% of total)

Gerard Kennedy 201 750$ (30.6% of total)

Stephane Dion 480 000 (62.8% of total)

Bob Rae 845 000 (45.6% of total)

Bob Rae is already 845 000$ in the hole, and has six months to get out of it. Based on how he has handled finances before, I would start getting worried. With donation limits set to go down to 1000$, Bob will need to find 845 000$ without the help of his brother John and his powerful corporate connections. Also, every dollar that goes to refund Bob’s monstrous debt is money taken away form the Liberal War Chest for next election.

Also, I would like to add it seems Stephane Dion is in a major financial hole. Before some Dionistas vociferously deny this, Dion has borrowed almost twice as much as what he has raised and the clock begins ticking next Saturday. If neither of them wins, the Liberal Party will have to raise over a million dollars just to bail them out of a mess they put themselves in during an election year with a 1000$ donation limit.

The irony behind all this is that it is C-24, Jean Chretien’s electoral financing legislation, which has sunk Power Corporation’s candidate of choice. It won’t be the first budgetary shortfall he sees…maybe Bob Rae will blame the Liberals again…