RNC in $23-million hole
Newly-installed Republican National Committee Chairman Reince Priebus
February 1st, 2011
09:11 AM ET
7 years ago

RNC in $23-million hole

(CNN) – Newly-installed Republican National Committee Chairman Reince Priebus has a $23-million hole to dig out of, according to a year-end report the organization filed with the Federal Elections Commission.

According to the official report, the committee has over $21 million debt with about $700,000 cash-on-hand. But in a statement Monday Priebus acknowledged the RNC’s cash woes are even worse than the report reflects.

“While the year-end FEC report reveals the Republican National Committee is $21 million in debt, I believe it is best to get out all the facts as we know them associated with our financial position. To date, the committee has approximately $23 million in debt: $15 million in loans, and $8 million owed to vendors,” Priebus said in the sobering statement.

Priebus, who was elected by committee members last month largely on his promise to return the organization to a strong financial position, added, “We are focused like a laser on putting together a plan that retires all of our debt as quickly as possible.”

“We have our work cut out for us, but I am confident we will succeed in turning around the RNC through hard work, transparency and honesty with our hardworking grassroots activists and donors,” Priebus also said. “That is why in the first two weeks we have reduced staff from 124 positions to 82, frozen all major contracts until they can be evaluated, and assembled an incredibly strong finance transition team.”

soundoff (44 Responses)
  1. PAUL W!

    And some of us think are going t manage our money any better? Guess you forgot who got us into this financial mess in the first place. The GOP are the real over spenders in this society!

    February 1, 2011 09:19 am at 9:19 am |
  2. CORetiree

    The GOP creates deficits everywhere it's in charge.

    February 1, 2011 09:20 am at 9:20 am |
  3. JMP

    Transparency and honesty.........in the same sentence with RNC...........hillarious.

    February 1, 2011 09:22 am at 9:22 am |
  4. Jonathan

    And these are the guys who are going to resolve the deficit. Consider me full of confidence.

    February 1, 2011 09:23 am at 9:23 am |
  5. Bill

    A financial wake of ruin left by the buffoonish and incompetent Steele. Maybe they can dig out of the hole by the 2016 election.

    February 1, 2011 09:25 am at 9:25 am |
  6. Darth Vadik, CA

    This is what they are telling us, now let's wait a few days and find out (from leaks) how much the RNC is really in debt??!!!

    BTW, Koch brothers will expect payment on their delivery, regardles of the woes of the Republicans, but when you make a deal with the Devil you lose more than everything you have, you also lose your soul in the end...

    February 1, 2011 09:26 am at 9:26 am |
  7. diridi

    very good news...do not give a dime of your money...these Thugs want to repeal Nation's much needed Health Care law.....what a shame, America, political promise over people's need...and lobby's interest....what a shame....shame to be GOP....you lose like a crazy dog in next election in 2014......people remember...GOP, watch out....senate, you are the majority, do not repeal....health care legislation is needed desperately in this nation....o.k....Florida judge is an idiot...do not take his brainless judgment....I do not know, as to where he earned his law school diploma...which idiotic school gave him either....what a shame on university....to confer diploma.....

    February 1, 2011 09:34 am at 9:34 am |
  8. John

    And they want to run the Country again..... interesting

    February 1, 2011 09:34 am at 9:34 am |
  9. Republicans = Fascists

    Michael Steele went on a spending spree and left the RNC in debt. And this is the party of fiscal responsibility? HA! Jokes on you.

    February 1, 2011 09:42 am at 9:42 am |
  10. bob

    so let me get this straight. The party of "fiscal conservatives" is broke and in debt.

    February 1, 2011 09:43 am at 9:43 am |
  11. mdn

    At least they are consistent. They run the RNC like they have been running the country...into the ground.

    February 1, 2011 09:44 am at 9:44 am |
  12. James Brooklyn N.Y.

    I bet the big business's will not bail them out. They will ask the middle class families to donate even though they do nothing for them. Guess what, these middle class, middle on the country hard working fools will do it. Giving up their hard earned money to the very people who repeatedly screw them.

    February 1, 2011 09:46 am at 9:46 am |
  13. T'sah from Virginia

    The Man of Steele put RNC in HOLE
    Going on that uncessary bus TOUR!
    Claiming that Pelosi meeded to be FIRED
    And all along, his ASH was on the WIRE!

    Now that he's gone – how does it LQQK?
    Raising 23 Mil' just to get a positive BOOK?
    And if you do RNC, don't you even KNOW?
    Your "books" will still remain at a FAT ZERO!!

    Why should anyone donate to the RNC when they know that the first 23 Million collected will go towards a DEBT???? LMAO

    The Man of Steele is now living in his GLORY
    Making appearances everywhere just to tell his STORY
    And I say to myself – DANG – This man is WOW!!!
    He was even on TV talking to Rachel MaddOW!!

    Still ROTFLMAO!!

    February 1, 2011 09:46 am at 9:46 am |
  14. a health economist

    What part of fiscal responsibility does a $23 million dollar debt fall into? And how does laying off 33% of your staff help unemployment?

    Now I'm not saying they won't be able to get their finances in order. I'm sure they will. But when someone preaches fiscal responsibility and job creation but spends themselves into the red and tries to turn around the ship by firing people, you have to question their integrity.

    February 1, 2011 09:46 am at 9:46 am |
  15. Anonymous

    Geee – I wonder why? Maybe if they focused their efforts to WORK with our President instead of spending tons of time and money fighting policies that help Americans then they would not be in a hole. Time and time again all I hear is how they hate Healthcare Reform and how the rich need a tax break. This is just another reason for them to side with businesses and the rich when they should be holding them to task to create jobs and keep people employed.

    February 1, 2011 09:48 am at 9:48 am |
  16. Dante

    And these are the guys who think they're going to lead this country out of our current deficit? Pshaw.

    February 1, 2011 09:48 am at 9:48 am |
  17. Republicans = Fascists

    23 millions dollars is chump change when you're in the pocket of the Koch brothers.

    February 1, 2011 09:52 am at 9:52 am |
  18. Former Republican - Now Independent

    Maybe if the Republicans dropped their social agenda and concentrate on fiscal responsibility (something they did not do during the Bush Administration) more people would donate.

    Maybe if Republicans legislators LISTENED rather than preached, people would donate. We don't need Constitutional Amendments to forbid burning the American flag, we need to LISTEN to those differing point of views so people won't feel alienated and want to burn the American flag.

    The Republican Party needs to embrace not just the Tea Partiers, but the moderates and even GOP liberals. Then there would be more people to donate. The party of inclusion that flourished under Ronald Reagan no longer exists ... and that is a profound loss for the United State.

    February 1, 2011 09:52 am at 9:52 am |
  19. Randy, San Francisco

    A small deficit to make up when the "party for sale" sign goes up.

    February 1, 2011 09:55 am at 9:55 am |
  20. Wire Palladin, S. F.

    And republicans think they know how to run an economy? The GOP did the same thing to our great country that they have done to the RNC. I would not put a republican in charge of a lemonade stand.

    February 1, 2011 09:56 am at 9:56 am |
  21. Joe from CT, not Lieberman

    Yeah, but $22.5 Million were debts racked up by Mike Steele's travels!

    February 1, 2011 10:00 am at 10:00 am |
  22. Clwyd

    They can't budget their own party and they want to run the government!

    February 1, 2011 10:06 am at 10:06 am |
  23. Wire Palladin, S. F.

    Can you say, "fiscal conservative?"

    February 1, 2011 10:07 am at 10:07 am |
  24. Crazy Harry

    Well, I guess spending all that money on misleading ads to get their people elected did have a cost.

    February 1, 2011 10:17 am at 10:17 am |
  25. Gary

    Yeah, GOP is really fiscal responsible.

    February 1, 2011 10:23 am at 10:23 am |
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