Some GOP freshmen in Congress hold major debt

Members of the firebrand class of Republican freshmen on Capitol Hill — elected on a pledge to attack the U.S. debt problem — have, in some cases, accumulated tens of thousands of dollars in personal debt, according to financial documents released Wednesday.

Among the 87 new GOP members of Congress, the documents show, at least 30 had liabilities totaling $50,000 or more in 2010.

Those debts included large mortgages on investment properties, as well as student loans and credit card balances. At least seven freshmen had credit card debt exceeding $15,000.

The newcomers have helped press a simple GOP message about the public debt: The country has too much and must reduce its burden immediately. These documents seem to show that, in their private lives, some freshmen took a more nuanced view: Debt could be useful, when put toward furthering ventures in real estate, farming or other businesses.

The documents present the most complete financial picture to date of a group that promised to remake Washington with the values of the American heartland.

Judging from members’ bank accounts, the freshman class has elements of both places.

It has brought at least 24 new millionaires to a Congress that already had plenty. But many freshmen, like thousands of other Americans, entered 2011 with significant debt.

“If they’re responsible for their own personal finances, then they may have a mind-set to be frugal with the federal Treasury,” said Steve Ellis, vice president of Taxpayers for Common Sense. “But if they can’t keep their personal finances in order, then you have to wonder how they’re going to handle the federal budget.”

Among those with credit card debt was Rep. Blake Farenthold (Tex.), who has pressed for major action to control the national debt. Earlier this year, Farenthold issued a statement rejecting any increase in the debt limit without major spending cuts.

“Like the rest of America,” the statement said, ‘the government needs to tighten its belt and work within its means.”

Farenthold’s 2010 disclosure forms show credit card debt of $45,000 to $150,000. A spokeswoman for the congressman said she could not comment, because she had not located his accountant to discuss the filing.

The documents released Wednesday are annual disclosure forms, on which all lawmakers are required to list income, assets, liabilities, stock trades and other data.

They are an imperfect way to measure true wealth. The forms do not list exact amounts of assets or debts, only ranges. And they do not include mortgages — a significant piece of a homeowner’s overall debt — for properties that do not generate rental income.

Among longtime lawmakers, the forms illuminated one of Washington’s oldest truisms: Many of the capital’s most powerful figures also have significant wealth.

House Speaker John A. Boehner (R-Ohio), a former plastics executive, reported financial holdings of at least $2 million. His top deputy, Rep. Eric Cantor (R-Va.), was worth at least $3.4 million. Cantor’s wife serves on the boards of Domino’s Pizza and a major media company.