First on CNN: DNC makes big dent in debt
May 20th, 2014
06:00 AM ET
9 years ago

First on CNN: DNC makes big dent in debt

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.


Filed under: DNC
soundoff (61 Responses)
  1. Malory Archer

    tom l
    It is a drop in the bucket compared to the estimated half a billion that the Koch's blah blah blah blah

    =======

    100 million compared to 500 million and you call that a drop in the bucket? Lol. That's a pretty large drop. Oh, do we get to count Soros and Bloomberg? Because if you count them we are now at 200+ million. That drop in the bucket is enormous now...

    ++++++++++++++++++++++++++++++

    $500 million is CONSIDERABLY more thant $100 million – surely even YOU know that! Soros was already addressed – do try to keep up – and his $40 million makes him look like a pauper compared to the kochs and adelsons. Meanwhile, the fact ALSO remains (the one from my post above that you seem reluctant to address – why is that?) that the VAST majority of Democratic donations are $100 or less. Which do YOU think is better for America: five million people each donating $100 or one individual donating $500 million?

    May 20, 2014 10:04 am at 10:04 am |
  2. Silence DoGood

    @tom l
    It is a drop in the bucket compared to the estimated half a billion that the Koch's blah blah blah blah

    =======

    100 million compared to 500 million and you call that a drop in the bucket? Lol. That's a pretty large drop. Oh, do we get to count Soros and Bloomberg? Because if you count them we are now at 200+ million. That drop in the bucket is enormous now...
    --------–
    The difference is that folks like Bloomberg are very clear and transparent. You might not agree politically but you know what they are supporting. The Kochs are secretive and deceptive largely funding false "grass-roots" organizations and hiding their agenda, which is their own corporate freedom and profit.

    May 20, 2014 10:10 am at 10:10 am |
  3. Abbey

    Democrats+Debt+Spending=U.S. Economy

    May 20, 2014 10:13 am at 10:13 am |
  4. Malory Archer

    Abbey
    Republicans + Debt+ Unfunded tax cuts for their deep-pocketed owners + Starting wars with no funding mechanism to pay for them + Spending on new programs (think Medicare Part D) with ho funding mechanism to pay for them = U.S. Economy.

    ++++++++++++++++++++

    FIFY.

    May 20, 2014 10:20 am at 10:20 am |
  5. Rudy NYC

    Malory Archer

    smith
    @Malory-100 million not 100k. Your hypocrisy is beyond absurd. There is no amount of spin that can change the facts that both parties are bought and paid for.

    ++++++++++++++++++++++++++++

    Typo. Thanks for bringing it to my attention. Nobody SAID both parties AREN'T "bought and paid for".
    =============================================================
    You're wrong. Tom says that all the time.

    May 20, 2014 10:22 am at 10:22 am |
  6. tom l

    @Silence,
    You can rationalize it any way you want. Do a little more research on Soros and you will find he is not the altruistic guy you think he is. Look at Bloomberg and his basic monopoly in the financial industry with his system and again, you will see he is not the great guy you think he is either (not to mention he was a democrat before he was a republican before he was an independent). Then look at the great Tom Steyer and research his background. All frauds. All part of the 1% that wants to tell you what to do and thinks they know what's best for you. Some day you will realize that both sides are bought and paid for no matter how many silly rationalizations your side tries to make (like the angriest of them all, Mallory). You guys are so caught up in the us vs. them that you have been completely suckered by our "mis"representatives. Some day you might realize that.

    May 20, 2014 10:27 am at 10:27 am |
  7. Gunderson

    Ya Know,
    Old Gjunderson not know why some you talk about big money. Those that have the money make the rules, according to the "Inmates". For anyone to get rich, they have to take a lot of people along with them. News Flash: "Rich" People provide jobs! Poor people either work for "Rich" people or pick up crumbs left to them by Liberals thinking they have your best interests at heart. Over Taxing the Rich will leave less "Crumbs" for the "Poor" People. Obama promise you the Moon. After over 5 years of the Obama Administration how much better off are you?

    May 20, 2014 10:37 am at 10:37 am |
  8. land mine

    Yup, only a fool belives giving more money to the1% that took 95% of the wealth, needs more money to make your life better, gotta wonder why anyone could not question that inane logic, but being a Republican means never question the money.

    May 20, 2014 10:44 am at 10:44 am |
  9. just asking

    geez... talk about deadbeat democrats!! if it was a regular person with all this debt for this long, it would have been sent to collection agencies and law suits initiated to collect the money. looks like they run their party as well as they have run government. miserably bad.

    May 20, 2014 10:53 am at 10:53 am |
  10. rs

    Thomas Harold Richards

    With all of the fundraisers that Obama attends on a regular basis, they should be debt-free.

    Maybe the OFA needs to raise the price of their exclusive Obama meetings to $250,000 or at least raise the cost of the autographed picture.

    Maybe the IRS can issue Democrat-only tax refunds.

    To bad they are only concerned about lowering their debt than lowering the growing $17 Trillion US debt.
    _________________________
    Talk to the Cut-Taxes-and-Spend Republicans. You know, their only economic plan on the table right now is: cut taxes for the rich, right? 40 years of this failed policy- and yes we can bang on the Debt's door to the tune of nearly $17 trillion. Reagan tripled the existing Debt, Bush I doubled that and Bush II pushed it through the roof. The House GOP still won't pass a balanced budget- or raise taxes on the rich.

    May 20, 2014 10:54 am at 10:54 am |
  11. Chris-E...al

    Dems just hate job producers and seem to be delicate on accomplishments and dont even understand economics even on a 7th grade level . If left up to them they would tax them right 0ut of business tomorrow . And lose good jobs .

    May 20, 2014 10:56 am at 10:56 am |
  12. rs

    Gunderson

    Ya Know,
    Old Gjunderson not know why some you talk about big money. Those that have the money make the rules, according to the "Inmates". For anyone to get rich, they have to take a lot of people along with them. News Flash: "Rich" People provide jobs
    _______________________
    Well, Gundy, you're obviously wrong. We've had 40 years of tax cuts for the rich, and the slowest job production rate of any first-world nation. We DO have the greatest number of millionaires and billionaires ever though. If Bush's cut-taxes-and-spend economics works so well, ho come Mr. Obama's economy has produced so many more jobs?

    You're just living the dream right? Rich people feeding you table scraps makes you feel loved.

    May 20, 2014 10:57 am at 10:57 am |
  13. Lynda/Minnesota

    "You guys are so caught up in the us vs. them that you have been completely suckered by our "mis"representatives. Some day you might realize that."

    Says the guy caught up in his own little "us vs. them" blather.

    May 20, 2014 11:02 am at 11:02 am |
  14. Rudy NYC

    tom l

    @Silence,
    You can rationalize it any way you want. Do a little more research on Soros and you will find he is not the altruistic guy you think he is. Look at Bloomberg and his basic monopoly in the financial industry with his system and again, you will see he is not the great guy you think he is either (not to mention he was a democrat before he was a republican before he was an independent).
    ---------------------------------
    You sound just like someone from the Occupy Wall Street movement. Didn't know you had it in ya'?

    May 20, 2014 11:02 am at 11:02 am |
  15. Silence DoGood

    @tom l
    @Silence,
    You can rationalize it any way you want. Do a little more research on Soros and you will find he is not the altruistic guy you think he is. Look at Bloomberg and his basic monopoly in the financial industry with his system and again, you will see he is not the great guy you think he is either (not to mention he was a democrat before he was a republican before he was an independent). Then look at the great Tom Steyer and research his background. All frauds. All part of the 1% that wants to tell you what to do and thinks they know what's best for you. Some day you will realize that both sides are bought and paid for no matter how many silly rationalizations your side tries to make (like the angriest of them all, Mallory). You guys are so caught up in the us vs. them that you have been completely suckered by our "mis"representatives. Some day you might realize that.
    -----------
    I didn't say anyone was "great". They are just public about their causes. I agree with many of the causes. You don't.

    When Bloomberg donated to gun control causes that was because he believes in gun control.
    When Kochs donate to "grass roots" organizations for supposed conservatism, it is really about Koch Profit.

    May 20, 2014 11:04 am at 11:04 am |
  16. Rudy NYC

    tom l

    Styer is donating $$$ in order to get Dems elected in the hopes of OVERTURNING that dog of legislation known as Citizens United which the activist judges on the USSC crammed down our throats without so much as a discussion
    =======

    Completely false. Nothing true about that statement whatsoever. He is "donating" money to stop the Keystone pipeline from being built because it hurts his investments in alternative energy. As the great pontificator, Rudy, likes to say....nice try, but we gotcha.
    ===================================================================
    I never knew that there was such a thing as 'citizens united denier". What does the Keystone XL pipeline have to do with campaign finance reform?

    Why are you patting yourself on the back, tom? Ah, I get it. A most clever bait and switch on your part. Never saw it coming, nope. You won the straw man argument, tom. Congratulations.

    May 20, 2014 11:14 am at 11:14 am |
  17. Sniffit

    "You guys are so caught up in the us vs. them that you have been completely suckered by our "mis"representatives. "

    Yawn. Just more of the usual from tom: intellectually lazy false equivalence arguments and intellectually dishonest dismissal of substantive arguments from others who consistently show in their posts that they're informed about the issues and the facts underlying policy, not just rooting for a "team."

    May 20, 2014 11:19 am at 11:19 am |
  18. Sniffit

    "Old Gjunderson not know why some you talk about big money."

    Maybe you should first try understanding why you talk babytalk. Babytalk for baby thoughts.

    "Those that have the money make the rules, according to the "Inmates"."

    Take your meds, dude.

    "For anyone to get rich, they have to take a lot of people along with them."

    Or just win the womb lottery and drop out of a lucky hoohoo.

    "News Flash: "Rich" People provide jobs"

    No they don't. Small business is the driver of job creation. The 0.1% in this country...people like the Waltons...are killing small businesses and jobs left and right.

    May 20, 2014 11:23 am at 11:23 am |
  19. Tom l

    Lynda,
    You sure are one of the most passive aggressive people I have ever interacted with. Anywhooo, if us (the people) vs them (our politicans/govt) is what your talking about the. I agree. I'm sure you mean dems vs repubs and in that case you're just incorrect. I wish I was on the boards during the Bush years. You guys would not have the same combative reaction towards me because at that time we would have been in agreement most of the time. But now that your guy is in office it's all about defending every action possible.

    May 20, 2014 11:26 am at 11:26 am |
  20. Sniffit

    " if it was a regular person with all this debt for this long, it would have been sent to collection agencies and law suits initiated to collect the money."

    No it wouldn't. Debt is not a problem as long as you take in sufficient revenue to service the payments. There's zero indication that the DNC has ever come even remotely close to defaulting on their payments. Your comment says more about your ignorance of actual financing and accounting matters than it does about anything else...and it provides a wonderful highlight of just how wrongheaded the ridiculous debt-limit freakout the conservatives suddenly had out of nowhere the second a black man got elected POTUS.

    May 20, 2014 11:27 am at 11:27 am |
  21. tom l

    Rudy NYC

    tom l

    @Silence,
    You can rationalize it any way you want. Do a little more research on Soros and you will find he is not the altruistic guy you think he is. Look at Bloomberg and his basic monopoly in the financial industry with his system and again, you will see he is not the great guy you think he is either (not to mention he was a democrat before he was a republican before he was an independent).
    -----------
    You sound just like someone from the Occupy Wall Street movement. Didn't know you had it in ya'?
    ======

    Until they were hijacked and became ridiculous in the way they treated the places they were I absolutely could understand a lot of their points.

    May 20, 2014 11:49 am at 11:49 am |
  22. Lynda/Minnesota

    Tom l
    Lynda,
    You sure are one of the most passive aggressive people I have ever interacted with.
    ------

    Yeah, whatever. Save your violin sympathy concerto for someone who cares.

    "I'm sure you mean dems vs repubs and in that case you're just incorrect."

    And I'm sure you know exactly what I mean in which case you're simply blowing smoke. Whether you admit it or not isn't my concern.

    May 20, 2014 11:50 am at 11:50 am |
  23. tom l

    Rudy NYC

    tom l

    Styer is donating $$$ in order to get Dems elected in the hopes of OVERTURNING that dog of legislation known as Citizens United which the activist judges on the USSC crammed down our throats without so much as a discussion
    =======

    Completely false. Nothing true about that statement whatsoever. He is "donating" money to stop the Keystone pipeline from being built because it hurts his investments in alternative energy. As the great pontificator, Rudy, likes to say....nice try, but we gotcha.
    ===================================================================
    I never knew that there was such a thing as 'citizens united denier". What does the Keystone XL pipeline have to do with campaign finance reform?
    ======

    Try to keep up, Rudy. Mallory tried to claim that Tom Steyer was "donating" money to the dems because of Citizens United which is incredibly funny. First, can you see the irony in someone donating 100 million to get rid of CU? Second, Keystone pipeline is why Steyer is "donating" his millions. He has huge investments in alternative energy and wants to stop oil production as much as possible. Not to mention that he's a billionaire (part of the 1%!). He made his money as an investment banker! He's white! This should be the trifecta for the gang. Ahhhh, but he's "donating" money to your side so it's cool. We have been talking about this dude for weeks. Do some research on the guy, Rudy. He has no opinion on CU other than the fact that he is now allowed to do what he is doing.

    May 20, 2014 11:57 am at 11:57 am |
  24. Sniffit

    "First, can you see the irony in someone donating 100 million to get rid of CU?"

    That irony does not reflect negatively on him; it will reflect negatively on Citizens United and its supporters, who hoped to further the march to plutocracy with the ruling only to have it turned against them by someone smart enough to recognize the damage it is doing and rich enough to turn it right around and use it against them.

    "Second, Keystone pipeline is why Steyer is "donating" his millions. He has huge investments in alternative energy and wants to stop oil production as much as possible"

    Nice conspiracy theory. So, while oil production increased by over 8,000% under Obama (yes, that's a real number), where was all his money to stop it before now.

    "Not to mention that he's a billionaire (part of the 1%!). "

    So what? You like to pretend that it's the wealth that people are focused on because you don't want to admit that it's not their wealth alone, it's what they use it for, that people are criticizing. People like the Kochs and Waltons use it to destroy and to serve their own narrow, personal self interest at the expense of everyone else. Steyer is using it to support policies that are not in his own narrow, personal self interest and which would benefit society as a whole, like overturning Citizens United or arguing for higher taxes on the wealthy.

    May 20, 2014 12:09 pm at 12:09 pm |
  25. Malory Archer

    tom, the fact is that Styer DOES contribute heavily to Harry Reid's Super PAC which he created to try repeal Citizens United, and so do many other wealthy Democratic supporters. I know the truth is REALLY, REALLY painful for you, but it is what it is. Perhaps you should step away from the computer for a few days to clear your head.

    May 20, 2014 12:10 pm at 12:10 pm |
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