Washington (CNN) - The Democratic National Committee and the Republican National Committee both report being millions in the red as they gear up for the 2012 election cycle.
In an email release Sunday, the RNC says that it's more than $22 million in debt, with $15 million of in loans and just over $7 million owed to vendors.
New RNC Chairman Reince Priebus reports the party committee brought in $1.9 million in the first two weeks of January, with another $3.5 million raised in the final two weeks of the month, after he was elected chairman.
"I am thankful for the outpouring of support I've seen over the past month, from both long-time and first-time donors but we have a lot of work to do," says Priebus in a statement. "I am committed to having the resources we need to pay down our debt and run a successful campaign with our Republican presidential nominee."
Former RNC chairman Michael Steele was defeated last month in his bid for re-election partially due to criticism of his steering of committee fundraising efforts.
The RNC has $2.1 million cash on hand.
The DNC says it brought in $7.2 million in January, more than $2 million more than it raised in January 2007, at the same point in the last presidential election cycle. The party committee says it has just over $9 million in the bank, but reports a debt of nearly $17 million.
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My fantasy... Let's have a campaign that works along the following lines:
All candidates agree to limit spending to $XX million. Candidates vie to prove they can be the most efficient at managing their funds to maximum effectiveness. Then, we get an election where the successful candidate proves that he/she can govern with limited resources.
Of course, it will never happen. :-(
The RNC is $22 million in dept – but this is the party that regularly lectures others about the importance of fiscal restraint.
Not too worry, the GOP will not be the red after this clarion call to the "people".
Mr. Halliburtion, Ms. Chevron, and Mr and Mrs. Aetna will take care of any negative bank balances, ASAP.
One of the advantages of a con activist Supreme Court!
How do these groups end up with so much debt? This is stupid, but it might also explain things that go on in Congress.
Hmmm...anybody seeing a trend? If they can't keep it together for a campaign show, then why should we allow these people to run our government. It seems they ALL need to go back to basic economics. If you don't have the money, then don't buy the product!!!!!!!!!!!!!!!!!!!
I wonder why. Do you think it could be because so many of our citizens live on entitlements that our economy lacks throw-away money for fun stuff like favorite political candidates and church tithes?
I mean, it's not just because liars and conjurers too ("sinners") are smartening up about possible future consequences up in the sky that many churches can't make their payrolls these days. Fat ladies who can sing the hell out of the Lord's Prayer are behind in their rent.
Same with political philosophy: when Ronald Reagan was president, it was easy for me to give his party money every month. New ideas have Changed things.
About half the people in this country need to realize that it's better to get up and go to work in the morning than it is just to sign some kind of check. (Yeah–say "huh" again for me.)
It is better to give than to receive.
Taxes, that is.
The DNC and RNC are not where the money is anymore. The money is in PACs that no longer have to declare where the money came from and how much.
Just proves this country is about to go belly up. Trouble is.......all of these wealthy fat cats should know better. All of them.