In it, but not of it. TPM DC
"In the previous two non-presidential cycles, the RNC carried over $4.8 million and $3.1 million respectively in cash reserve balances into the presidential cycles," Collins wrote. "In stark contrast, we enter the 2012 presidential cycle with 100% of the RNC's $15 million in lines of credit tapped out, and unpaid bills likely to add millions to that debt."
The RNC's cash troubles, according to the letter, resulted in the committee's failure to run independent expenditure ads for Senate and gubernatorial candidates and crippled its GOTV operation.
Update: Read the full resignation letter here.