Clintons’ Debt Soars Because of Legal Bills
President Clinton’s income and assets edged up modestly in 1994 while his financial liabilities shot through the roof because of legal bills related to the Whitewater probe and a sexual harassment suit.
According to a financial disclosure form released Tuesday by the White House, the Clinton family’s assets totaled between $760,015 and $1.78 million at the end of 1994. That was up from $633,015 to $1.62 million a year earlier.
The increase in assets came primarily from holdings of $100,001 to $250,000 in the President’s defense fund, which is collecting contributions to defray the Clintons’ mounting legal bills. Clinton owed $981,682 to two Washington law firms at year’s end. By some estimates, his legal expenses eventually could reach $2 million.
Like other federal officials and members of Congress, the President is required to report the value of his assets, income and liabilities only in broad ranges. Most of the family’s assets are held in blind trusts set up voluntarily to avoid potential conflicts of interest.
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