Elected at that place, Democrat owing money (2,3,3)
I believe the answer is:
in the red
'owing money' is the definition.
(I've seen this before)
'elected at that place democrat' is the wordplay.
'elected' becomes 'in' (in government).
'at that place' becomes 'there' (synonyms).
'democrat' becomes 'd'.
'in'+'there'+'d'='IN THE RED'
(Other definitions for in the red that I've seen before include "needing cash injection" , "Indebted" , "OD - with 23 & part of 13a" , "have no credit" , "Colourfully in debt to the bank" .)