Rudy Giuliani & Republican Fiscal Policy

We dodged the bullet. Giuliani's now-dead campaign has a mountain of debt.

“We are deeper in the hole than I thought we would be,” wrote John Gross, the campaign’s treasurer, in an e-mail message to several senior campaign aides obtained by the Times.

“Windown is likely to be less than projected, but travel expenses are higher,” Gross added. “We cannot prefer any one creditor. We probably could make a 10% payment to all qualified creditors at this point, but probably not much more.”