The Republican National Committee ended February more than $21 million in debt as previously unknown expenses from the tenure of former chairman Michael Steele continued to surface.
The RNC actually paid down $1 million from the debt that chairman Reince Priebus inherited from Steele when he took over as chairman in mid January. But, nearly $1 million in debt — including a $650,000 bank fee that was far larger than the new regime expected — was unearthed, leaving the RNC in roughly the same debt position they found themselves at the end of January.
For the month of February, the committee raised $5.2 million and spent $5.3 million — one-fifth of which went to paying down debt. The committee ended last month with $2.1 million in the bank.
RNC officials said that while the debt remains considerable, Priebus and his team have begun to turn things around. As evidence, they note that spending on overhead and staff is down 35 percent since Priebus took over and major donor giving has drastically improved.
The Democratic National Committee raised $7.1 million and spent $5.7 million — including $1 million in loan repayment — in February. The DNC ended the month with $17.9 million in debt and $10.5 million cash on hand.