Gingrich to report weak second-quarter fundraising haul

Newt Gingrich’s second-quarter fundraising numbers are likely to confirm what observers have been saying for weeks: His presidential campaign is flat on its back.

Gingrich’s camp is expected to report that it raised $2 million during the last quarter, which ended June 30. The campaign has about $225,000 in the bank and is about $1 million in debt. The numbers were first reported by Politico.

The candidate himself sought to minimize expectations over the weekend when interviewed by the Los Angeles Times. Gingrich was rocked by the departure in June of six key aides, who were frustrated by the direction of the campaign. Most of his Iowa campaign staff also resigned.

“Our numbers will not be as good as we would like, and candidly, the consultants left us in debt. But every single week since they left we’ve been cutting down the debt, and we raise more than we spend in a week,” he said.

He blamed the financial showing on a month-long “media barrage.”

By contrast, front-runner Mitt Romney is expect to report raising around $18 million, while Ron Paul, Tim Pawlenty and Jon Huntsman are all expected to report raising just over $4 million.

The lack of resources has forced Gingrich into a fairly desperate position. His campaign will not participate in the Straw Poll in Ames, Iowa ,in August, the next major test for the GOP field, which requires campaigns to purchase a lot to woo voters. (Even Rep. Thaddeus McCotter of Michigan, who joined the GOP field on Saturday, will be at Ames.)

As a result, Gingrich will lose an opportunity to make his case to the very Iowa caucus-goers that he has been courting for months, and will forfeit the media coverage that accompanies the event.

A recent Des Moines Register poll showed the former House speaker in single digits in Iowa, behind former pizza company executive Herman Cain. A WMUR/University of New Hampshire poll this week showed Gingrich imploding in that state.

“Among the declared candidates, Newt Gingrich campaign is in dire straits,” said Andrew Smith, director of the UNH Survey Center, in a statement. “His staff has deserted him, his net favorability ratings have collapsed, and he is now the least popular candidate in New Hampshire.”