FEC Likely to Allow Obama Bailout for Biden
In a flashback to the campaigns of yesterday, the Federal Election Commission released a draft opinion to allow President Barack Obama’s campaign committee to transfer money to pay for campaign finance penalties left over from Vice President Joseph Biden’s 2008 White House run.
While a majority vote by the six-person FEC will be required for passage, the agency’s single draft bodes well for the former six-term Democratic Senator from Delaware.
Biden’s presidential campaign was fined $133,000 earlier this year after an FEC audit found minor violations, including stale-dated checks.
But his campaign does not have enough money in reserve, reporting just $82,000 in available cash on hand as of the end of September and nearly $8,000 in other debts.
So the president’s 2008 campaign, which has nearly $3.2 million in the bank, formally asked the FEC whether Obama for America could pay the outstanding fees to the Treasury Department on behalf of the vice president. The FEC is slated to vote on the measure at this week’s regular Thursday meeting.