Updated 3:53 p.m. - Former House Speaker Newt Gingrich has joined forces with the National Republican Congressional Committee (NRCC) to launch a fundraising committee aimed at helping to pay off the millions of debt owed by his erstwhile presidential campaign while also helping active GOP candidates for Congress.
A committee, "Solutions Start in the House," registered with the Federal Election Commission at the end of May. Proceeds from the joint committee are split between Newt 2012 and the NRCC. The next fundraising stop for the committee is coming up in Nevada.
"The goal of this venture is to raise money for candidates running for the House but also to pay down our own debt," Gingrich spokesman, RC Hammond, told NBC News. "We want to pay off the debt off as fast as possible but we are realistic that it will take a few years to pay down the debt."
After Gingrich withdrew from the presidential race in early May, FEC reports showed he was nearly $4.8 million in debt. As of last month, the campaign still owed slightly more than $4.7 million.
Hammond says this partnership with the NRCC is just one of the avenues Newt 2012 is using to pay off the debt. Gingrich has also been traveling to various states to host small luncheons and receptions on his own to raise money and the campaign has been renting their email and mail lists in addition to Solutions Start in the House.
Presumptive GOP nominee Mitt Romney has not directly helped Gingrich pay off any debt but the former speaker has attended at least two known fundraisers with Romney in Georgia and Nevada that could have brought new funds to Newt 2012.
According to a source close to many of the creditors, the campaign set up long term deals with many companies owed money back in May that they would make monthly payments. The payments came for the month of June, the source says, but not for July.
There is still a long way to go, Hammond admitted, but said they were trying to be "proactive." Creating this group with the NRCC, fell in line with Gingrich's desire to help create a conservative platform for the GOP ticket and encourage a greater majority in the House of Representatives.
Adding to his visibility, the former Speaker will also appear on The Tonight Show this Wednesday.