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Worst RNC cash flow in a decade
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Jan 06, 2010 08:12am |
| Category | News |
| News Date | Jan 06, 2010 08:00am |
| Description | By Aaron Blake - 01/06/10 06:00 AM ET
A 2009 spending spree has left the Republican National Committee (RNC) with its worst election-year cash flow this decade.
The largest GOP party committee has $8.7 million in the bank heading into an election year with 37 governors’ races, a dozen major Senate contests, dozens more in the House and an all-important redistricting cycle on the horizon.
Said one RNC official: “It is very troubling, and the thing is, most people don’t understand this. But it is really troubling.”
The RNC had $22.8 million in cash and no debt when Michael Steele was elected chairman at the end of January, but has since seen its cash on hand drop to less than $9 million at the end of November.
Over the previous five months, while governors’ battles were being waged in New Jersey and Virginia, the committee saw its cash reserves drop by a full $15 million. Through November, the committee spent more than $90 million last year, which is nearly $20 million more than the Democratic National Committee (DNC).
“They’re spending money at 2002 levels when they are not raising money at those levels,” said a GOP operative. “That kind of thing worked when RNC was awash in money, but you can’t do that in this environment.”
Off-years like 2009 are generally a time for committees to get their financial house in order. They work to retire any debt left from the last election cycle and then build a war chest in preparation for the even-year election. |
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