The Republican Party wants you to know it’s in debt - but only $6 million.
Rumors were circulating in GOP circles last week that the Republican National Committee’s debt was in the $8 million to $9 million range, far more than the party had previously reported. Not so, says RNC chairman Jim Nicholson.
He said the RNC’s next filing with the Federal Election Commission will show about $4.3 million in bank loans, plus another $3.5 million in bills (including $1 million in legal costs.) But the party also has $1.8 million cash on hand, leaving the net debt at $6 million.
As Nicholson delicately put it in his statement: “1997 has been a difficult fund-raising environment for both parties.” In other words, big donors have been scared off by publicity over the campaign-financing controversy, and - on the GOP side - small contributors who see President Clinton and the Republican Congress making nice over the balanced-budget deal aren’t particularly motivated to give.