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

    Not to worry. It is the way Republicans budget. Their buds in the Supreme Court have ensured that even if they are out of cash, that big business (new "citizens") can do their bigging for them.

    February 1, 2011 10:26 am at 10:26 am |
  2. Peace

    Is anyone surprised that they are in debt?? This is exactly how they ruined the country in the last eight years in power. I don't understand how people rewarded such a behaviour again last November!!

    February 1, 2011 10:27 am at 10:27 am |
  3. John

    And these are the people who think the government needs to live within its means. Just like the Bush years. Democrats gave them a surplus and the spent it all plus trillions more.

    February 1, 2011 10:29 am at 10:29 am |
  4. greg in Jax

    So all this talk about fiscal responsibility and not spending what you do not have is really a bunch of BS.

    February 1, 2011 10:31 am at 10:31 am |
  5. And they want to manage the Country's budget again??

    Republicans who are acting like Obama single-handedly ran up the countries deficit can't even keep a balanced budget for their own committee! Unbelievable, but yet they can attack Obama about "financial responsibility". What jokes they are. They are GREAT at attacking dems ad fear-mongering but very little substance from once they finally fool americans into electing them....

    February 1, 2011 10:31 am at 10:31 am |
  6. fafuga

    How can the party of fiscal responsibility be that deeply in debt?

    February 1, 2011 10:31 am at 10:31 am |
  7. Blake

    I guess the bus trip thing didn't work out so well. Next time take public transportation.

    February 1, 2011 10:31 am at 10:31 am |
  8. Rob Johnson

    Electing Michael Steele head of the NRC was one of the great political blunders of our time.

    The idea that he was going to appeal to minorities, and get them to vote GOP, was about on par with the idea that if McCain picks Palin as VP, Hillary Clinton voters were going to vote for McCain. Which is to say, it was incredibly shallow, cynical, transparent identity politics that a blind man could see through.

    Add the fact that Steele is apparently one of the worst money managers ever to draw breath, and you have one of the worst decisions ever made by a political party in this country.

    February 1, 2011 10:33 am at 10:33 am |
  9. Katie

    Even with the millions flowing in from the chamber of commerce and roves group? Again the republicans are proving how inept they are at fiscal matters. Anyone surprised?

    February 1, 2011 10:34 am at 10:34 am |
  10. NamVet

    So much for "fiscal conservatism" and "individual responsibility" posturing. Not that the RNC had any credibility anyway.

    February 1, 2011 10:34 am at 10:34 am |
  11. DIANA

    And these are the people that were elected to solve our budget problem? Amazing!

    February 1, 2011 10:35 am at 10:35 am |
  12. Sniffit

    How fiscally respnsible.


    There's NOTHING these guys won't spend to try to attain and maintain power in rder to further enrich themselves and their corporate special interests and already ultrawealthy puppetmasters. NOTHING. That's what the Bush tax uts were all about. That's what Iraq and Afghanistan and the continuous stream of islamaphobic demagoguery is all about. That's what the RNC's spending in 2010 was all about. Etc. etc. etc.


    February 1, 2011 10:37 am at 10:37 am |
  13. donkey party

    Champions of Fiscal Conservatism? Riiiight!

    February 1, 2011 10:39 am at 10:39 am |
  14. Godabed

    So let me get this straight, the RNC, the base for the conservative party is in debt, and they want to fix the deficit but can't fix their own??? And they want to control the government to create jobs, how when they can't even get out of debt???

    February 1, 2011 10:39 am at 10:39 am |
  15. Jill American

    No surprise there. They ran up the national debt under Bush so why not in their own house.

    February 1, 2011 10:40 am at 10:40 am |
  16. Lynda/Minnesota

    Interesting that the party of fiscal responsibility is once again trying to dig itself out of a massive debt they themselves accrued. Seems to be a never-ending story for the GOPers. Spend what they don't have while promising a brighter future by cutting employment opportunities from within, all the while decrying the national unemployment numbers as being too high. Apparently this narrative of slashing jobs starts from at the bottom level, and works itself to the state level without a blink of remorse for the havoc it creates for those losing their jobs, while the GOPers themselves continue to panhandle for more money to spend on their supporters behalf ... or not ... as the case may be.

    February 1, 2011 10:44 am at 10:44 am |
  17. JDL

    So much for the term Fiscally Conservative Republicans, and if I remember correctly the RNC started the last election with a surplus of money (deja vu ).
    I wonder just how much money they are willing to spend to make the President a one term president.
    They want to hold the purse strings for America, and they can't even run their own party.

    February 1, 2011 10:45 am at 10:45 am |
  18. Lee

    It's kind of ironic that Republicans talk so often of not spending money we don't have....

    February 1, 2011 10:50 am at 10:50 am |
  19. Dominican mama 4 Obama

    Don't all high ranking Rethugs leave office only to have others "discover" that they left a HUGE PREVIOUSLY UNDISCLOSED CLUSTERF%CK/DEFICIT in their wake?
    In the tradition on Reagan, Bush I and II, add Mushmouth's picture to the wall.
    Surely no one is surprised at this little tidbit.

    February 1, 2011 10:53 am at 10:53 am |
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