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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.

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