McCains report more than 100k in credit card debt

[DixieBelle]

Sen. John McCain (R-Ariz.) and his wife reported more than $100,000 of credit card liabilities, according to financial disclosure documents released Friday.
The presidential candidate and his wife Cindy reported piling up debt on a charge card between $10,000 and $15,000. His wife’s solo charge card has between $100,000 and $250,000 in debt to American Express.
 
Another charge card with American Express, this one for a “dependent child,” is carrying debt in the range of $15,000 and $50,000.

Cindy McCain reported a wealth of assets, including properties in Arizona and one she sold in La Jolla, Calif. for more than $1 million in profit.

In addition to his Senate salary, McCain received an annual pension from the U.S. Navy that is worth more than $58,000.

Democratic candidate, Sen. Barack Obama (D-Ill.), reported no liabilities in his annual financial disclosures.

Obama reported $4.1 million in book royalties, while McCain reported $176,508, which the Republican said was donated to charity.

In 2005, Obama received an advance of $1.9 million from Random House Inc. for his book The Audacity of Hope. Obama said $200,000 of that advance went to charity.

Obama’s wife, Michelle, reported over $1,000 in income from her work at Tree House Foods and University of Chicago hospitals. The documents did not require her to be more specific about her income. Michelle Obama resigned from Tree House Foods in May 2007 because of its business dealings with Wal-Mart.

Obama reported between $50,001 and $100,000 in pensions from his work as an Illinois state legislator, and reported earning between $15,000 and $50,000 in interest from a money market fund.

Obama reported college savings of $100,000 and $250,000 for each of his two daughters.

In May 2007, Obama invested between $1 million and $5 million in a Northern Municipal money market fund, and divested between $500,000 and $1 million in July 2007 from that account. Obama purchased up to $1 million in U.S. Treasury notes last July.

Sen. Hillary Rodham Clinton (D-N.Y.), who dropped out of the race this month, was granted an extension and does not have to file her documents until June 30.

http://thehill.com/campaign-2008/mccains-report-more-than-100000-in-credit-card-debt-2008-06-13.html

I think the title is misleading. It should have been called "Financials of the Presidential Candidates" or something. But, we all know that wouldn't draw as much interest.  And I would think that the credit card debt should be presented in context to their assets. Percentage counts.

Funny that Oooobama has plenty of college money stashed away for the young children but yet his wife claimed to only recently having paid off their own college debt. hmmmm And Oooobama "reports no liabilities"? hmmm. And notice he is getting a nice pension but yet McCain's military pension was the talk of the town recently.

[Willow]

the "in the tank for obamalama press" isn't even trying to be subtle anymore are they? 

[BEG]

Call me stupid but I thought you had to pay off American Express in full every month.

[DixieBelle]

You do. They also offer cards that are paid in installments like Visa among other types. Given the wealth/income of the family, it's possible that they have racked up 15k in a month on Amex and can (and do) pay it off.

[BEG]

You do. They also offer cards that are paid in installments like Visa among other types. Given the wealth/income of the family, it's possible that they have racked up 15k in a month on Amex and can (and do) pay it off.

So if they rack it up per month and pay it off in full every month then this article is misleading.   Oh and what is it with the ranges in the debt, their "dependent child" had AE debt that ranges between  $15,000 and $50,000. THat is a huge range.  Also Obama invested between $1 million and $5 million in a money market fund.  Which is it, 1 million or 5?  That is a huge difference.  Why are there such huge ranges? 

[DixieBelle]

Apparently the rules of disclosure allow them to state a range instead of exact amounts. Spousal income is also a grey area. I couldn't find the disclosures online easily. They must exist though.

I did find an article from May though -
http://www.modbee.com/2028/v-print/story/289628.html

And this which puts the McCains in perspect a bit more -
http://blogs.abcnews.com/politicalpunch/2008/04/mccains-financi.html
In 2007, those numbers were $161,708 in Senate salary, $176,508 from book royalties, $23,157 in Social Security, and $58,358 from the Navy.

McCain gives all of his book royalty income to charity, and the campaign says that since 1991 he has "also donated the increase in his Senate salary for that year and each subsequent year to charity because he opposed the Congressional pay increase at that time and pledged not to accept the pay raises."

AND

http://cbs5.com/politics/cindy.mccain.tax.2.731600.html
Cindy McCain has released her 2006 tax returns, showing total income of more than $6 million. The wife of Republican presidential candidate John McCain paid more than $1.7 million in taxes.

McCain's campaign said she had received an extension on her 2007 tax returns and planned to make those public when they are filed.

Under a prenuptial agreement, the McCains have separate assets and file separate tax returns. John McCain made his tax returns public last month.

McCain's campaign only released the top two summary pages of Cindy McCain's 2006 return. In them, she listed itemized deductions totaling nearly $570,000. Mrs. McCain is the heiress of a large Arizona beer distributorship.


But the Clinton finances and Bill's being separate is a-okay. The McCains caught hell because they weren't going to release Cindy's returns at first.

[BEG]

Apparently the rules of disclosure allow them to state a range instead of exact amounts. Spousal income is also a grey area. I couldn't find the disclosures online easily. They must exist though.

I did find an article from May though -
http://www.modbee.com/2028/v-print/story/289628.html

The ranges are so large, especially Obama's $1 million to $5 Million range.  That is crazy.

[jendf]

You do. They also offer cards that are paid in installments like Visa among other types. Given the wealth/income of the family, it's possible that they have racked up 15k in a month on Amex and can (and do) pay it off.

That's right. I have an American Express "Blue" card. You can pay in installments if necessary and there is no annual fee.

[RobJohnson]

Apparently the rules of disclosure allow them to state a range instead of exact amounts. Spousal income is also a grey area. I couldn't find the disclosures online easily. They must exist though.

I did find an article from May though -
http://www.modbee.com/2028/v-print/story/289628.html

The ranges are so large, especially Obama's $1 million to $5 Million range.  That is crazy.

I agree.

If the McCains have a prenup what does her debt have to do with him? Maybe she rec'd 0%?

[DixieBelle]

^they tried telling the libtards that but they gave them crap over it. So, they released a portion I think.

[RobJohnson]

^they tried telling the libtards that but they gave them crap over it. So, they released a portion I think.

Yeah. The article that you posted made things alot more clear then the first article in the OP.