RNC in debt; cash on hand one-fourth of Democrats

AP News
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Posted: Oct 21, 2010 4:07 PM
RNC in debt; cash on hand one-fourth of Democrats

The Republican National Committee reports more debt than cash on hand for the period ending Sept. 30, a weak financial foundation for a party entering the homestretch of the midterm election campaign.

In documents filed with the Federal Election Commission, the party said it had $3.4 million in the bank but $4.6 million in debts. The RNC reported raising $9.6 million during September and took out a $2.5 million dollar loan.

The party under RNC Chairman Michael Steele has come in for broad criticism from GOP strategists for its anemic fundraising.

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In contrast, the Democratic National Committee raised $17 million in September. The DNC reported more than $13.1 million cash on hand at month's end and $7.7 million in debts.