RNC reserves vital cash for eventual GOP nominee
March 29th, 2012
05:03 PM ET
2 years ago

RNC reserves vital cash for eventual GOP nominee

Washington (CNN) - Whether it's Mitt Romney, Rick Santorum or someone else, whoever wins the Republican presidential nomination will enter the general election at a significant financial disadvantage.

President Obama currently has more than $100 million at his disposal for his re-election effort, thanks to his campaign and the Democratic National Committee.

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Romney's most recent cash-on-hand figure - $7.3 million - looks paltry in comparison. And Santorum's $2.6 million is even more worrying.

But the Republican National Committee is pointing to a sizeable pot of money that they can immediately share with the nominee once the party settles on a candidate.

It's an important $21 million lifeline called the RNC Presidential Trust, which is chaired by Wisconsin Rep. Paul Ryan, the House Budget Chairman and a potential vice presidential pick.

RNC Chairman Reince Priebus told CNN Thursday that with Ryan's fundraising help, the trust is now fully funded, meaning the Republican presidential nominee won't be cash-starved once the general election fight begins.

Under Federal Election Commission rules, the RNC can coordinate with the presidential nominee on how that money - $21.6 million to be precise - is spent.

The seed money, which will come out of the roughly $30 million the RNC will have on hand by the end of March, can pay for office space, staff, travel or whatever the Republican nominee needs to hit the ground running.

"Whoever our nominee will end up being, that nominee is going to be needing some serious money," Priebus told CNN.

"We have decided to take this $21 million right now and set it aside as a bridge loan for the Republican nominee, so that as soon as they are the presumptive nominee, they will have $21 million plus immediately so that they can recharge their batteries."

RNC officials are touting the trust as another sign that Priebus rescued the committee back from financial disaster after taking over the chairmanship in January 2011, when the RNC had more than $23 million in debt.

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Filed under: 2012 • Fundraising • Republicans
soundoff (13 Responses)
  1. Wire Palladin, S. F.

    The Kochs and Turdblossom Rove have promised $500 million for Mittens, so Prince Reebus might as well use the money to attack women's rights.

    March 29, 2012 05:09 pm at 5:09 pm |
  2. Wire Palladin, S. F.

    The RNC could use the money to put an elevator in republican garages.

    March 29, 2012 05:13 pm at 5:13 pm |
  3. Dave

    Relax RNC, Quarom of 12 has that that covered. Keep it. This White, Whiter & Whitest group of Bigots is Salivating over Mitt!!!!

    March 29, 2012 05:17 pm at 5:17 pm |
  4. Bill

    The GOP is going to need a lot more than that. Even then, it will be an uphill slog that will ultimately
    result in the rebukement of the poisoned and toxic GOP brand in November.

    March 29, 2012 05:22 pm at 5:22 pm |
  5. Just Say No to Flipper

    And the corrupt neocon parasites continue with their plan to buy Rmoney the presidency. He certainly can't win on the merits of his policies or personality.

    March 29, 2012 05:25 pm at 5:25 pm |
  6. cali girl

    I guess other repugs running for other seats can kiss any help good bye. Anything to rid the white house of that "guy" uh, whatshisname, uh yeah.

    March 29, 2012 05:32 pm at 5:32 pm |
  7. vic , nashville ,tn

    Don’t worry Bush Tax cut will come to RNC

    March 29, 2012 05:38 pm at 5:38 pm |
  8. DDanny1

    $21million will buy one heck of a big ETCH-A-SKETCH.

    March 29, 2012 05:48 pm at 5:48 pm |
  9. Four and The Door

    The Democrats have tried so many weak campaigns so far already...class warfare, anti-woman, mediscare, Obama's infomercial...eventually they may blow through $1 billion trying to avoid the economy. But in the end the 2012 election will be about the economy. And this is where Obama loses.

    Romney 2012!

    March 29, 2012 06:39 pm at 6:39 pm |
  10. Claudia, Phoenix, AZ

    President Obama has $100 million and counting, we are still contributing every minute of every day.

    March 29, 2012 07:24 pm at 7:24 pm |
  11. Dvet

    Now its time for the american people to be the party of NO. NO REPUBLICANS EVER.

    March 29, 2012 08:36 pm at 8:36 pm |
  12. S. B. Stein E.B. NJ

    Given that they don't have any good candidates, then they need to hold onto money to smear Obama in the fall. I think that they have enough conservatives donating unlimited money to super pacs that they really shouldn't worry.

    March 29, 2012 08:55 pm at 8:55 pm |
  13. texan

    I couldn`t be happier...............

    March 29, 2012 09:27 pm at 9:27 pm |