Empty Pockets at the DNC

Who can best handle the economy: Democrats or Republicans?

Well take a look at their own money management and you’ll get an idea.

Read it and reap. Politico reports:

The Democratic National Committee was unable to keep up with the Republican National Committee’s fundraising again in September, despite taking out $10.5 million in loans.

The DNC raised $20.3 million in September, including the loans, and only $3.7 million of its total fundraising came from individuals and political action committees. The rest came from transfers and offsetting operating expenditures.

As of Sept. 30, the DNC reported having $4.6 million in the bank and $20.5 million in total debt – almost double the $11.8 million it owed at the end of August. The committee owes about $5.5 million of its total debt to creditors for services such as direct mail consulting, polling expenses and event consulting.

The RNC by comparison announced it raised $48.4 million in September and had a whopping $82.6 million in its reserves.

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

Priebus didn’t have an easy start either. He came in with the RNC deeply in debt after Michael Steele had spent money lavishly. He managed to turn the whole thing around in a rather short time.

Then there’s this from the Washington Free Beacon on the presidential race:

Obama For America took out a $15 million loan from Bank of America last month, according to the campaign’s October monthly FEC report. The loan was incurred on September 4 and is due November 14, eight days after the election. OFA received an interest rate of 2.5% plus the current Libor rate.

Obama has a complicated relationship with Bank of America. The bank contributed $20 million toward the cost of the Democrat National Convention earlier this year. Bank of America stadium, home to the Carolina Panthers, was supposed to host Obama’s acceptance speech. At the last moment, the campaign switched to a significantly smaller venue. The campaign claimed that an impending storm would not allow the President to deliver his address. Many questioned whether move was made because the campaign was having trouble filling such a large stadium.

It is unclear why the first $1 billion campaign needed an extra $15 million for the final two months of the campaign.

The loan does raise eyebrows. In addition, there’s the brewing controversy over unidentified donor money. There looks to be chicanery going on with overseas donations. The Obama campaign were called on it in ’08, conveniently after the election, however.

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