Mitt Romney will not seek to be repaid for the 45 million dollars of personal loans that he made to his presidential campaign. The funds were the largest personal contribution by a candidate made during the primaries, but he will not ask or fundraise for donations to repay the debt.

The former presidential candidate’s Press Secretary, Eric Fehrnstrom said Romney’s “priority right now is raising money for other Republicans.” He has been actively campaigning for John McCain and speculation continues to rage that he will be the GOP nominee’s Vice-Presidential pick.

Fehrnstrom confirmed that he is not trying to recoup the funds and will write a letter to the Federal Election Committee explaining his decision, “At some point, the Romney loans will be reclassified as contributions. The way that will happen is the Governor will write a letter forgiving the outstanding loans,” Fehrnstrom explained through an e mail message, “That will occur around the time Romney for President is ready to shut down, when all the bills are paid and the books are balanced.”

The Romney camp still has no specific date set for when this will happen.

During his failed presidential bid, Romney also raised more than 65 million dollars from donors and his ability to fundraise is one way he could help McCain as his running mate and a reason that is used to boost his chances as a Vice-Presidential pick. Yesterday, on Fox News Romney refused to tell Martha MacCallum if he was discussing the number two slot with the GOP nominee-in –waiting, “We talk about a wide array of topics, and I enjoy talking to him, but there is no speculation to report on that.”

On the Democratic side, Hillary Clinton also donated her own funds to her campaign lending 12.2 million dollars to her presidential bid, but she is actively seeking donations to help get the money back. Barack Obama has even asked supporters to help pay down her debt, coming under fire when many asked why they should help pay back money she used to attack the candidate they support.

Important to note, though, the personal wealth of the two politicians are drastically different. Romney’s fortune is estimated at 250 million dollars, while Clinton’s wealth is estimated to be between 10 and 50 million dollars,.

Governor Mitt Romney launched a new political action committee today just days before he is set to spend the weekend at the Arizona home of Senator John McCain.

The Free and Strong America PAC founded by the former presidential candidate and Massachusetts governor has the declared mission of supporting “officeholders and candidates who are dedicated to advancing social, fiscal, and foreign policies that will strengthen America at this critical time in the nation’s history.” The PAC will focus on electing candidates that are committed to “military strength,” low taxes, small government, and “strong families.”

In an e mailed statement announcing the launch Romney said, “America is at a crossroads. If we are to remain a leader in the world, we must be prepared to tackle the numerous challenges ahead of us with the same innovation and spirit that has made us the envy of the world. Together with the candidates we support, and the help of the American people, we can embrace solutions that will create a strong economy, strong families and a strong military.”

The political action committee has already announced several candidates that they will support including John McCain, Representative Connie Mack of Florida -a former Romney supporter, and Representative Michele Bachmann of Minnesota, among others.

Advisors from Romney’s presidential bid are back at the PAC including Press Secretary Eric Fehrnstrom who is now a senior adviser. Peter Flaherty who was Romney’s liaison to religious conservatives will be the executive director and campaign manager Beth Myers is also back as a senior advisor.

The PAC will support conservative candidates now, but will be ready in force by the time 2012 rolls by. There has been talk of Romney launching another presidential bid — the chatter began the day he dropped out of the race.

This weekend he will be traveling to McCain’s Sedona ranch with Louisiana governor Bobby Jindal and Florida governor Charlie Crist. All are widely thought to be possible vice-presidential picks, but the McCain campaign stresses that the weekend is just “social.”