RNC has just $5 million on hand

Sunday, August 22, 2010


RNC has just $5 million on hand

The Republican National Committee spent twice as much as it raised in July, leaving the committee with just over $5 million on hand with less than three months before the 2010 midterm elections.

In a report filed Friday with the Federal Election Commission, the RNC showed $5.5 million raised and more than $11 million spent last month, including $1.5 million in transfers to state party committees. The committee ended July with $5.3 million in the bank and $2.2 million in debt.

The Democratic National Committee raised and spent $11.6 million last month, including nearly $4 million in transfers to state parties. The DNC ended the period with $10.8 million and $3.5 million in debt.

The dismal report comes less than a month after RNC Treasurer Randy Pullen accused Chairman Michael S. Steele of hiding $7 million in debts; the RNC filed amended reports last month detailing $3 million in previously unreported debts.

The RNC's money woes have become a significant concern for party strategists who have fretted that the committee's financial standing could affect the party's ability to capitalize on an election cycle shaping up to be a very good one for the GOP.

-- Chris Cillizza

Obama warns of corporate donations

President Obama warned voters Saturday about the hidden influence of corporate donations in midterm campaigns, after a Supreme Court decision this year that allows companies, unions and other special interests to spend unlimited amounts of money on behalf of candidates and causes for the first time.

In his weekly radio and Internet address, Obama blamed Senate Republicans for blocking legislation that would have placed restrictions on corporate or union campaign spending after the court's Citizens United ruling lifted many of the regulations.

"This can only mean that the leaders of the other party want to keep the public in the dark," Obama said. "They don't want you to know which interests are paying for the ads. The only people who don't want to disclose the truth are people with something to hide."

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