DNC Is $20.3 Million in Debt, Takes Out A Loan

DNC Is $20.3 Million in Debt, Takes Out A Loan

The Democratic National Committee has $4.6 million in its coffers and $20.5 million in total debt at the end of September. 

By contrast, the Republican National Committee raised $48.4 million in September to bring its cash war chest up to $82.6 million. 

The numbers reveal inversely related fundraising trajectories; even as RNC donations continue to climb, the DNC’s September debt was nearly double the $11.8million it owed in August, reports Politico.

RNC Chairman Reince Priebus says the cash advantage will allow the Republican Party to get its message out to broader range of voters:

“While we continue to put money into our ground game and fully fund ourabsentee ballot, early vote and Election Day GOTV efforts in all ourbattleground states, our historic cash on hand figure also allows us tocontinue funding our independent expenditure committee, run highlyeffective hybrid ads and assist in electing Republicans across thecountry at all levels,” said RNC Chairman Reince Priebus.

The lopsided fundraising outlook for both political parties comes on the heels of a new report that Obama For America, likewise, took out a $15 million loan from Bank of America last month.  

The Democratic National Convention this year was held in the Bank of America stadium in Charlotte, North Carolina.  According to the Chicago Tribune, “Bank of America contributed $271,864 worth of furnitureand office space to the Democratic convention and gave $5 million to theNew American City fund,” a separate fund designed to bankroll events of “on going value” to the host city but not technically the Democratic National Convention.  Bank of America has also donated $1.1 million to Republicans.