Gingrich: $500,000 jewelry debt is ‘normal way of doing business’

By David Edwards
Sunday, May 22, 2011 11:53 EDT
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Republican presidential candidate Newt Gingrich said Sunday that a debt of up to $500,000 to Tiffany’s had been paid off.

“Did you owe a half million dollars to a jewelry company at one point?” CBS’ Bob Schieffer asked Gingrich.

“It’s a standard no-interest account,” Gingrich explained. “We paid no interest on it. There was no problem with it. It’s a normal way of doing business.”

“I mean, it’s very odd to me that someone would run up a half million dollars… bill at a jewelry store,” Schieffer noted.

“Go talk to Tiffany’s. All I’m telling you is we are very frugal. We in fact live within our budget. We owe nothing,” Gingrich insisted.

“What did you buy?” Schieffer wondered.

“It’s a personal — it’s my private life,” Gingrich objected. “If the U.S. government was as debt free as I am, everybody in America would be celebrating. I think I have proven I can manage money.”

“As a private citizen who has done well, I think I’m allowed to pick and choose what I prefer doing.”

Watch this video from CBS’ Face the Nation, broadcast May 22, 2011.

Watch this video on iPhone/iPad

David Edwards
David Edwards
David Edwards has served as an editor at Raw Story since 2006. His work can also be found at Crooks & Liars, and he's also been published at The BRAD BLOG. He came to Raw Story after working as a network manager for the state of North Carolina and as as engineer developing enterprise resource planning software. Follow him on Twitter at @DavidEdwards.
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