The Republican Party, swimming in money earlier this year, has run out and has been forced to lay off employes on the eve of the holiday season.

Between 50 and 60 employes of the Republican National Committee have been laid off since September, and the committee is currently about $500,000 in debt, says press secretary Peter Teeley.

The layoffs still leave the national committee with a staff of 207 full-time and 63 part-time employes, but Teeleysaid another half dozen may go and the number probably will be reduced further by not replacing employes who retire or quit.

By comparison, the Democratic National Committee, which has been in deep money trouble for the past decade, is expected to be down to about 50 employes at the end of the year.

The Democratic staff had risen to about 200 before layoffs began a year ago. A few people, employed to work on the party's recent mini-convention in Memphis, Tenn., are expected to leave in the next few weeks.

The GOP, spurred by highly successful fund-raising early this year, set an ambitious budget of $19.5 million for 1978, but receipts began falling off in midsummer as donors turned to specific campaigns with gifts.

As result, the Republicans are expected to fall somewhere between $1 million and $2 million short of their anticipated income, and even belttightening has left them with the current debt. However, Teeley said the party still expects to break even by the end of the year.