Thanks to Steele's Spending Spree, the RNC Is Short on Cash

[Modbert]

Thanks to Steele's Spending Spree, the RNC Is Short on Cash | PEEK | AlterNet

In the case of the Republican National Committee, that may prove to be a problem.

A 2009 spending spree has left the Republican National Committee (RNC) with its worst election-year cash flow this decade.

The largest GOP party committee has $8.7 million in the bank heading into an election year with 37 governors' races, a dozen major Senate contests, dozens more in the House and an all-important redistricting cycle on the horizon.

Said one RNC official: "It is very troubling, and the thing is, most people don't understand this. But it is really troubling."

As a rule, the RNC and DNC spend the year before an election retiring their debts and filling their coffers. In 2009, however, the RNC's finances got worse -- Steele started with $22.8 million in cash, and about a year later, has $8.7 million. The difference was the RNC's investments in the off-year elections, most notably New Jersey's and Virginia's gubernatorial races.

The investments paid some dividends -- Republicans lost all five of 2009's congressional special elections, though they won both gubernatorial campaigns -- but the RNC nevertheless spent more than $90 million in an off-year and doesn't start 2010 on the right financial footing.

The DNC, meanwhile, has $13 million in the bank, with no debt. Since the DNC was in worse shape when Steele took the reins at the RNC, and ended the year in better shape, Republican frustration is understandable. Many party insiders questioned whether Steele would be a trustworthy steward of the RNC's checkbook, and those fears now seem justified.

Well shucks! At least they won that special election in NY-23, I mean- wait. You mean they didn't win? So wait? The GOP, the party of fiscal responsibility and spending money wisely spent $90 million to go 2-5?

 

[kyzr]

If NJ is any indication, don't hold your breath on election day. The dems have less money than the GOP, whats up with that? Where's all that internet cash??

 

[Modbert]

If NJ is any indication, don't hold your breath on election day. The dems have less money than the GOP, whats up with that? Where's all that internet cash??

Just because the party in power doesn't historically bold well on the off year elections doesn't mean the party not in power does not have crappy leadership.

I would be pissed off if I were a Republican. Seriously, you spend $90 million dollars to win two governor races but lose five congressional races. And it's going to be six once the Democrat wins back Ted Kennedy's seat.

I'll ask you the same question I did in my OP. If the Republicans want to be back in power but cannot even show fiscal responsibility with their own donations then are they going to show it when they're running Congress again? Because they didn't last time.

Hell, Steele just went on record saying that the GOP has fucked up since Reagan (though Reagan and George H.W. Bush weren't that much different.)

 

[Cal]

Simple Solution to their Problem, Make Steele go give more thousand dollar speech's!!

 

[kyzr]

You're trying to apply logic to a case where the voters simply want to throw the party in-power out. Its not that complicated. Obama won because the GOP screwed-up. The GOP will win because Obama and the dems screwed-up. Its becoming harder to see either party doing anything positive for the middle-class. Look at SS & Medicare, both going bankrupt, In my area hospitals won't take medicare patients, they keep losing money on them. Obama's UHC is a non-starter, like most of his initiatives & policies. How about prosecuting Navy Seals and the CIA instead of terrorists? Any wonder terrorists are having a field day?

 

[ba1614]

Hmm, a politician who has difficulty controlling his spending of other peoples money, who'da thunk it?