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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