According to Michael Luo of the New York Times Politics Blog, the Clinton campaign's debts at the end of February exceeded usable cash on hand. With $21.5 million of campaign contributions earmarked exclusively for the general election, Clinton had only $11.7 million of primary funds on hand, less than the outstanding total of $8.7 million in miscellaneous debt plus the $5 million that Hillary Clinton loaned her own campaign in January.
This news is unrelated to a debunked misreading of Los Angeles Times story that raised (quickly answered) questions about the $35 million dollars that the Clinton campaign raised in February.
From the New York Times Politics Blog:
Mrs. Clinton finished February with more than $33 million in cash on hand, but $21.5 million of that is earmarked exclusively for the general election, leaving her with $11.7 million for the primary.
Mrs. Clinton, however, loaned her campaign $5 million earlier this year and she listed $8.7 million in debts to various vendors, making clear why she has not yet paid herself back from her loan.
The report is based on Clinton's FEC filing, posted late last night.
Greg Sargent at Talking Points Memo and Ben Smith at the Politico interpret these figures as showing that the Clinton campaign began the month of March "in the red".
The $21.5 million "earmarked exclusively for the general election" comes from donors who have already "maxed-out" by giving the $2,300 allowed within the primary election cycle. Half of Clinton's donors fall into this category, compared to a third of Obama's donors, according to the Washington Post. These big money donors are allowed to donate an additional $2,300, but it cannot be used until the general election campaign, and must be returned if Clinton does not win the nomination.