The Republican National Committee has more money in the bank than debt to creditors for the first time in more than a year.
The committee raised $7.2 million in November, leaving it with $14.1 million in the bank and $13.4 million in debt, according to a disclosure report filed Tuesday evening.
The RNC outpaced the Democratic National Committee, which raised $6.7 million last month. That’s all the more noteworthy since the DNC benefited from $2.8 million raised by President Obama. The DNC had $10.5 million in the bank and $7.8 million in debt.
“Heading into 2012, the RNC will be operating from a position of significant fiscal strength,” chairman Reince Priebus said in a written statement. “The combination of Republican voters’ enthusiasm and the RNC’s robust fundraising makes me confident that we have a winning year ahead of us.”
The committee had struggled financially under the stewardship of former chairman Michael Steele. Major donors abandoned the party after a series of revelations about lavish expenses, and the committee was saddled with more than $20 million in debt.
The last time it reported more cash than debt was August 2010.