Patrick Murphy loans campaign $1 million for TV ads
Democratic U.S. Rep. Patrick Murphy personally loaned $1 million to his U.S. Senate campaign in October to pay for extra TV ad time in the final two weeks before Election Day, his campaign says.
The move comes after Murphy had lackluster fundraising in the third quarter and after national Democratic groups withdrew millions of dollars from Florida this fall, leaving Murphy to largely fend for himself.
"These additional resources will help position our campaign to win with expanded TV buys across Florida. We are confident in our path to victory," campaign manager Josh Wolf said in a statement Thursday.
The loan is being disclosed this week as part of the campaign's pre-general election campaign finance report, which is due to the Federal Election Commission on Thursday. A copy of that report -- which would detail how and when the loan was reported to the FEC -- was not immediately available Thursday morning from Murphy's campaign.
The campaign plans to use the influx of cash from Murphy's loan to continue running a Spanish-language ad featuring President Barack Obama in Miami. That's Republican incumbent U.S. Sen. Marco Rubio's backyard and where Murphy is working to court the county's high Hispanic population, which leans Republican.
Murphy's loan will also help pay for ad time in Gainesville, Tallahassee and Jacksonville -- areas of the state Murphy hasn't had much of a visible presence in but where his campaign hopes to close the gap with independents. In those markets, Murphy's campaign plans to air an ad he debuted earlier this month that knocks Rubio for his poor Senate attendance record.
Murphy is making use of his personal wealth to front the loan with no outside help.
In his annual financial disclosure for 2015 -- filed this spring -- Murphy reported a net worth of between $72,000 and almost $4.8 million. Much of that wealth comes from stock in his family's Coastal Construction Group, shares valued at between $1 million and $5 million. (The gift from his father, Coastal chairman and CEO Tom Murphy, tripled Patrick Murphy's net worth when he received it in 2012 before he first took office in Congress.)
Coincidentally, Rubio brought up Murphy's wealth in Wednesday night's final U.S. Senate debate during a discussion about the economy. (Murphy -- for whom strengthening the middle class is a major campaign platform -- supports raising the minimum wage; Rubio doesn't.)
In his rebuttal, Rubio mocked Murphy by saying: "I find it ironic that I'm being lectured by the plight of the working class by a millionaire who inherited his money" while Rubio noted he "is the son of working class immigrants who inherited no money."