Something's Happening Here

For four years, Lt. Gov. Jim Risch has reported campaign debt of $360,000 on his filings with the Secretary of State. Over the four years, the debt has not been paid down, nor has it accrued any interest.

Have a look at the pix below. You can click on them to enlarge. The first is from Risch's November 2006 filing. It shows the debt at an even $360,000, just as it has since the end of his campaign in 2002. The second, Dec 2006, shows the same debt, with the annotation "plus accrued interest." (Red underline mine.)



I'd guess that the note was a last minute brainstorm, otherwise they'd have taken the time to figure out the interest. At some point I suppose they'll have to put in an actual figure. It'll be interesting to see how much interest accrued. I wonder what rate they'll choose, and what start date.

Even more interesting, why now? Note the $137, 504 cash on hand. Perhaps Risch is getting ready too pay himself back from campaign funds and wants the number to be as large as possible. Or, maybe he's getting ready for a run at the Gov's office again. As I posted during the campaign, it's lawful for donors to exceed contribution limits if the donation is to pay off debt. A big donor could donate the max for the campaign, then donate unlimited amounts to retire debt. That money would then be available to the candidate to spend. Candidates have no limit on how much they can spend on their own campaign. Even more tricky, the candidate could relend the money back to the campaign, establish a new debt, and start the cycle all over again.

I don't think Lt Gov Risch will do this; he's too old to work this through a few election cycles, especially if Gov Otter gets re-elected. But it is a loophole in Idaho's election law.