RNC Is $23 Million in Debt, Says Chairman Reince Priebus

RNC Chairman Reince Priebus

/ Photo by Alex Wong/Getty Images

As Republicans and Democrats prepare for what is sure to be a contentious 2012 election cycle, the Republican National Committee finds itself $23 million in debt, committee chairman Reince Priebus announced on Monday.

Priebus said the RNC's year-end report would announce $21 million in debt for 2010, but that updated figures put the debt at approximately $23 million.

"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," Priebus said in a statement. "To date, the committee has approximately $23 million in debt: $15 million in loans, and $8 million owed to vendors."

According to the Washington Post, the $23 million estimate is significantly higher than was previously reported: An RNC financial report filed in the weeks following November's midterm elections listed a debt of $15 million, but in subsequent reports, covering the time period since, the known debt grew by a cumulative $8 million.

Priebus was elected RNC chair last month over Michael Steele, whose tenure helming the committee was marked by several scandals and charges of financial mismanagement.

In his statement, however, Priebus remained hopeful about the RNC's future.

"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 said.

[lami987]

Republican is a party of hypocrites. Reagan said during his campaign against Carter that our excessive debt ($900 billion at that time) if stacked in $1 bills, the stack would reach our moon. But after he and Bush Sr. left office debt increased by almost 500% to more than $4.2 trillion in just 12 years. Bush Jr. doubled the debt in 8 years from $5.5 trillion to $11 trillion. Now they are critizing Obama. I admire the new chairman for being transparent. I don't believe they'll have any money problem. Go visit their donors like Norquist, Koch brothers and others. They have a long list of donors.

[thebob-bob]

Now that Corporations can secretly donate unlimited amounts of money to political candidates, they don't need their front organization, RepubliCorps, anymore.

Fear, Hatred, Distortion, Distraction, and Division is all Republicans have to offer.

[nearl451]

Republicans want to return the nation to fiscal repsonsibility.

HAHHAAHHAHAHAHAHAHAAAHAHHAHAHAHAHAHAHA!!!!!

[MurdochSucks]

The Republican leadership cannot even fix their own budget problems, why did anybody expect them to fix the country's? This all from the party of "fiscal responsibility," HA!

[wdrussell1]

The GOP has been morally in debt since they became the party of Reagan.

[jxknowles]

First morals. Then intelligent ideas. Now they are financially bankrpt as well. What a loser of a Political Party.

[cbstest]

Looks like the chickens have come home to roost, now let's see if the GOP can lay the golden egg.

[superdem1]

Prince Jeebus says "We're broke !" He's going to issue vouchers to Republican candidates so they can buy votes in the private sector at market prices. Giving money to politicians is "socialism" and Republicans simply cannot keep spending like they have, their children's children's unborn children will be threatened with crushing election debts. Prince Jeebus says illegal immigrants should be used as Republican campaign workers, since they will take jobs no American wants, and will work for pennies. Then when the election is over, they can be deported before being paid, that will save millions while getting rid of the immigration problem. "It's a two-fer," Jeebus says, "Just good old fashioned Republican policy." Jeebus also suggests Republican candidates abandon costly campaigns altogether, and just carry weapons to the polls on election day, then force voters to vote for them at gunpoint. This would save millions in wasteful spending, while exercising Second Amendment rights, and it would "get the job done," Jeebus laughed.

[larrryshrine]

Tampa is going to host the 2012 Republican Convention. I am from Tampa and can assure the Republicans that there are plenty of strip clubs there. (I've done extensive research:)). I am sure the Committee can find some places for those types of expenditures again.

[nearl451]

Maybe they can pole dance and gather a few Washingtons for themselves for a change.

You know: become part of the working class instead of exploiting them.

[san850]

Can't wait to hear the spin on this story! I can just see the GOPhers scratching their heads trying to figure a way to blame this on President Obama like they do everything else.