Despite post-election PAC money, Texas’ new GOP congressmen still in debt
Despite accepting nearly a quarter-million dollars from PACs since the November election, Texas’ three newest GOP congressmen had some $2 million in combined
Jul 31, 2020120.7K Shares2.2M Views
Despite accepting nearly a quarter-million dollars from PACs since the November election, Texas’ three newest GOP congressmen had some $2 million in combined campaign debt at the end of 2010, according to Federal Election Commissiondata. Meanwhile, U.S. Reps. Lloyd Doggett (D-Austin) and Ron Paul (R-Clute) are at the top of the heap, cash-wise, compared to the rest of the Texas delegation.
U.S. Rep. Quico Cansecoled the way with $1.15 million in debt, compared to about $140,000 in cash, according to an FEC report filed Jan. 31. After Election Day, Canseco raised about $140,000, including $90,000 from non-party political committees, such as PACs.
Nationally, Canseco’s debt was among the largest for a successful congressional candidate. U.S. Rep. Blaine Luetkemeyer (R-Mo.) had campaign debt of $1.29 million, but also has $370,000 cash — leaving him with a slightly greater net total (-$920,000) than Canseco (-$1.01 million). U.S. Rep. Diane Black (R-Tenn.) had debt of $1.05 million, but less than $40,000 cash — leaving her with a net total of about $5,000 less than Flores.
U.S. Rep. Bill Floreshad about $730,000 in debt and $40,000 in cash. After Election Day, Flores raised about $150,000, including $110,000 from PACs.
U.S. Rep. Blake Farentholdhad about $160,000 in debt and $30,000 in cash. After Election Day, Farenthold raised about $90,000, including $40,000 from PACs.
PACs donating to all three congressmen include groups affiliated with Koch Industries Inc., National Rifle Association, Texas and Southwestern Cattleraisers Association, and Valero Energy. The candidates also received donations from PACs for various associations and fellow GOP officeholders.
Canseco received money from PACs affiliated with companies including Anadarko Petroleum, BNSF Railway, ConocoPhillips, ExxonMobil, General Electric, Goldman Sachs, International Bank of Commerce, NuStar Energy and Zachry Holdings.
Flores received money from PACs affiliated with companies including Allergan, Anadarko Petroleum, AT&T, Atmos Energy, Brinker International (parent company of Chili’s Grill & Bar), Caterpillar, ConocoPhillips, DCI Group, Energy Future Holdings (formerly TXU), GE, Goldman Sachs, Koch Industries, L-3 Communications., Occidental Petroleum, PricewaterhouseCoopers, Space Exploration Technologies, Tesoro Petroleum, Textron and Trinity Industries.
Farenthold received money from PACs affiliated with companies including ExxonMobil, Fluor Corporation, IBC, Koch and Spectra Energy.
Read the Texas Independentfor previous reporting on the freshman congressmen’s post-election fundraising.
Meanwhile, U.S. Reps. Doggett and Paul have the most campaign cash out of the Texas delegation. Doggett reported having $2.84 million at the end of 2010, while Paul had $1.86 million. Other campaign ‘millionaires’ include U.S. Sen. John Cornyn with $1.79 million, U.S. Rep. Joe Barton with $1.52 million and U.S. Rep. Jeb Hensarling with $1.45 million. Additionally, U.S. Rep. Pete Sessions had nearly $1.00 million, and U.S. Rep. Ted Poe had almost $950,000.
U.S. Rep. Pete Olson had a little more than $20,000 cash but $110,000 in debt. U.S. Rep. Michael McCaul had nearly $30,000 cash but $210,000 in debt. They were the only Texas congressmen to have more campaign debt than campaign cash, other than the three freshmen.
However, the Texan with the greatest amount of congressional campaign debt is Ben Streusand, who lost a GOP primary runoff against McCaul in 2004. As of Dec. 31, 2010, Streusand’s campaign had $3.49 million in debt (second-most in the U.S.) and $1.78 million in cash, for a net total of -$1.71 million (fourth-lowest in the U.S.).
Streusand, a banker and equity firm manager, is the Advisory Board Chairman of Americans for Prosperity-Texas. Recently, Streusand recorded an audio commentary“warning about an upcoming state and municipal debt crisis, and the prospects of another federal bailout.”
The next quarterly FEC reports for candidates are due April 15.
Rhyley Carney
Reviewer
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