Washington (CNN) - The Democratic National Committee will announce Tuesday that it raised nearly $9 million last month, and that it's made major strides in reducing its debt.
According to a DNC official, the party committee has paid off all of its bank debt, while it continues to pay off around $7 million it still owes vendors. The DNC's total debt reached a high of $22.5 million following the 2012 elections, and remained around $15 million as recently as three months ago.
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The official, who asked to remain anonymous to speak more freely, said in the past four months the party committee has paid off $7 million in bank debt. The official added that the DNC's April report, which will be filed on Tuesday, will show two debt payments totaling nearly $4 million. An additional payment of nearly $2 million will be reported in next month's filing – which the official says will make the DNC free of bank debt.
"With six months until Election Day we're on our best financial footing since before the 2012 Election," the official told CNN.
According to the official, the DNC raised $8.9 million last month, with $7.9 million in the bank, the party committee's best cash on hand figure so far in the 2014 election cycle.
The rival Republican National Committee has yet to release its April fundraising figures. The RNC brought in $10.2 million in March, with $12.3 million cash on hand as of April 1. The RNC has been debt free since June of last year.
The DNC's financial figures are being boosted by President Barack Obama, who this year has stepped up the number of party fundraisers he's headlined.
The DNC's also touting that over the past year, as they've reduced their debt, they've also brought on some top flight staff from the White House, progressive organizations, and the private sector.
CNN Political Research Director Robert Yoon contributed to this story.