Kerry set to loan campaign $6 million
Like Dean, Kerry has given up public funding
John Kerry is preparing to loan his campaign more than $6 million financed by a mortgage on his family's home in Boston.
CNN's Jeff Greenfield on John Kerry's uphill battle.
CNN's Bill Schneider on Howard Dean's challenge to the Democratic Party.
BOSTON, Massachusetts (CNN) -- Democratic presidential hopeful John Kerry is getting ready to loan his campaign more than $6 million financed by a mortgage on his family's Boston home.
"Sen. John Kerry has finalized plans to loan his presidential campaign over $6 million. The personal loan was secured through a mortgage on his share of the family's home in Boston," said a statement from Mary Beth Cahill, Kerry's campaign manager.
"Sen. Kerry's personal commitment to the race is unquestioned. Sen. Kerry is confident in the energy and direction of his campaign as we head into the New Year, when voters begin to go to caucuses and primaries," Cahill said.
"We are running in every state and in every corner of the country. We are now on the ballot in 31 states with campaign operations in 33 states run by staff and volunteers."
On December 18, Kerry's aides announced he had loaned his campaign $850,000 and would loan the campaign more in the future. (Full story)
Kerry -- who is running behind Howard Dean in most polls -- gave up public funding and the limits on spending that come with it in order to keep up with Dean. (Dean, Clark spar over vice president talk)
Kerry and Howard Dean are the only Democratic candidates to opt out of public financing.
But Kerry has not been able to raise funds as prolifically as Howard Dean.
In the third quarter, Kerry raised just under $4 million, compared to $14.8 million raised by Howard Dean.
Kerry's third quarter was down significantly from the first quarter when he raised almost $7.5 million.
Under the campaign finance rules, Kerry can spend his own money from the fortune he shares with his wife, heiress Teresa Heinz Kerry, who inherited around $500 million from her first husband, the late Sen. John Heinz, the heir to the Heinz ketchup fortune.