Cruz says he ate a big 2012 campaign loan, but he's still listing it as a top asset
WASHINGTON — Texas Sen. Ted Cruz took a big gamble on his first Senate race in 2012, loaning roughly $1.2 million of his and his wife’s personal funds to a campaign others called unwinnable.
Six years later, Cruz still lists that loan as an asset on personal financial forms submitted to the Senate this month — despite acknowledging that the law won’t allow him to recoup the more than half-million dollars he still hasn’t been repaid.
Candidates for federal office are allowed to loan money to their campaigns without the limits applied to other donors, which is what Cruz did to defeat then-Lt. Gov. David Dewhurst in the 2012 Republican primary.
They can repay themselves with money in their campaign accounts at any point for loans up to $250,000, but larger sums must have already been raised before Election Day and paid off within 20 days of the contest.
Read more: https://www.postbulletin.com/news/politics/cruz-says-he-ate-a-big-campaign-loan-but-he/article_66ab7995-b061-56cd-b97d-4e9e94d6b735.html
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