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RNC really low on cash

by The Big E on June 25, 2010 · 4 comments

Here’s an update on a national trend that will impact Minnesota races.  The Republican National Committee (RNC) is hurting for cash.  The RNC will need to spend money to help protect Michele Bachmann and keep the Minnesota Governor’s seat in Republican hands.  They don’t have it and under Michael Steele, they aren’t likely to get it.  The Mooney Times has the details:

Just months before critical midterm elections, the Republican National Committee is hurting for cash more than at any similar period in memory, according to figures reported this week to the Federal Election Commission.

Next month’s shortfall is shaping up to be as bad or even worse, a senior official with knowledge of committee’s financial status told The Washington Times.

The RNC under Michael Steele has been a disaster and fundraising has suffered.  Republicans ability to take back the House and win a few Senate seats will be affected because typically the RNC has used their warchest to fund attack ads in key races.

In addition, the RNC under Chairman Michael S. Steele spent some $12 million to help win the off-year gubernatorial races in New Jersey and Virginia last fall, and spent an additional $500,000 on the unsuccessful bid to win a special congressional election in Pennsylvania.

“All that could have boosted our cash on hand to $29 million,” [RNC spokesman Doug] Heye said.

Nonetheless, the RNC’s total for May of this year is well below the average cash on hand of $35,434,123.45 that the RNC reported each May between 2002 and 2009.

Plus, they incurred their first debt since 1994.

The NRCC reports having $12 million in cash for May – on paper $600,000 less than the RNC. But the RNC is carrying over from April unpaid bills to the tune of $760,141, which should be subtracted from its $12.6 million cash on hand for May. That leaves the RNC with slightly less cash than even the NRCC.

The RNC debt is the first reported to the FEC for any one-month period since then-RNC Chairman Haley Barbour – now governor of Mississippi and head of the Republican Governors Association (RGA) – borrowed funds to help finance what was to be the 1994 GOP electoral sweep of both houses of Congress.


Alec June 25, 2010 at 6:23 am

Does debt signal they are going all in for a big win? When they went all in in 1994, was it in June, or August or September. I guess what I am getting at: are they broke too early, or is this a sign of what someone does when they know they have a chance to win big?  

The Big E June 25, 2010 at 8:32 am

Good point.  I don’t know.

However, Haley Barbour wasn’t behaving like Michael Steele and the RNC circa ’94 had no fundraising problems as far as I recall.

Alec June 25, 2010 at 6:12 pm

There was some sort of story of how some foreign corporations bailed out the RNC in 1994. It seemed very convoluted with RNC loaning to the NRCC and all sorts of crap.

dan.burns June 25, 2010 at 6:29 pm

will be willing to go into quite a bit of debt, given the circumstances.

People, including congressional GOPers themselves, have been pulling back, somewhat, on their predictions for big gains (‘big’ as in ‘retake the House.’)  But if they don’t do really well, they’re in huge trouble.  It will show that teabag extremism isn’t electorally viable in most of the country, but how will they move to a different message?  The kooks aren’t going to just meekly hand back control of the party to those who’d like to trend, even a little, toward the center.

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