The DNC Has More Debt Than Cash On Hand

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Free Beacon:

The Democratic National Committee’s current debts outweigh the amount of cash it has on hand by more than $1.2 million, according to the group’s Wednesday filing with the Federal Election Committee.

 

The filing revealed that the DNC currently owes $6.7 million in debts and obligations that it cannot cover with the $5.5 million worth of cash it has on hand.

 

This deficit is on top of the $2 million loan that it still has not paid back to Amalgamated Bank, which is a labor union-owned bank that serves as the primary bank of the DNC and often gives it large loans.

 

The loan that is still owed was taken in the weeks before the 2014 midterm elections, in which the Democrats failed to maintain control in the Senate and Republicans gained a bigger majority in the House.

 

Making problems worse for the DNC is that its Republican counterpart is not experiencing the same fundraising problems. The RNC’s filing reveals that it has $19.4 million in cash on hand and only $1.8 million in debt; it has no loans.

 

The lopsided fundraising advantage has the RNC using the words of likely Democratic presidential nominee Hillary Clinton to mock its rival, writing in a memo that the DNC is “dead broke.”