The presidential bid of former Vice President Mike Pence is confronting a critical financial predicament, which some deem as an existential crisis, owing to surging debt and dwindling cash inflows, as reported by NBC News.

According to statements from the campaign, they managed to amass $3.3 million in the third quarter, retaining $1.2 million in cash reserves, but also accumulating $620,000 in debt, the disclosure of which is set to occur when the campaign’s financial filings are made public on Sunday. Notably, the former vice president himself contributed $150,000 to the campaign.

These financial statistics place the Pence campaign in a highly precarious position, particularly when compared to both fellow Republican contenders and President Biden.

The Biden re-election campaign, for instance, reported a staggering sum of approximately $71 million in third-quarter fundraising, closely mirroring their impressive second-quarter figures. Meanwhile, the Trump campaign, representing the Republican primary, has yet to disclose its third-quarter fundraising totals, though it previously secured around $35 million in the second quarter. Notably, Florida Governor Ron DeSantis managed to amass $15 million in the third quarter, though only $5 million of that can be allocated to the primary campaign.

In a different corner, former U.N. Ambassador Nikki Haley’s campaign proudly declared it finished the third quarter with a considerable $9.1 million earmarked for the primary campaign, while the Trump campaign has asserted a remarkable cash-on-hand reserve of approximately $35 million, exclusively for the primary cycle.

History has often indicated that accumulating debt can be an ominous harbinger for presidential campaigns, with NBC News drawing a comparison to then-Wisconsin Governor Scott Walker’s 2016 White House bid. Walker’s campaign, by the end of the third quarter in 2015, had just under $1 million in the bank but carried a burden of $161,000 in debt, leading to his eventual withdrawal from the race mere weeks later.

The limitations imposed by dwindling financial resources will inevitably curtail the Pence campaign’s actions. In sum, Pence possesses slightly over $1 million at his disposal for the primary cycle, as some donors have already reached their maximum allowable primary contributions, leaving the remaining funds to be earmarked for the general election.

This report emerges amidst Pence’s frantic efforts to qualify for the upcoming third Republican primary debate, scheduled for November 8. As per the criteria set forth by the Republican National Committee, candidates are required to demonstrate 70,000 individual donors to secure a spot on the stage. Pence previously faced a similar challenge when attempting to qualify for the first debate this past August, ultimately reaching the threshold just in the nick of time. Despite meeting the polling threshold, Pence currently finds himself in fifth place nationally, according to FiveThirtyEight’s national polling average.