Newly-elected Republican National Committee Chairman Reince Priebus is putting all the bad news right out there. With the RNC releasing a year-end federal report showing over $21 million in debt, he simultaneously put out a statement saying that fully-adjusted numbers would ultimately show that it's even worse -- that is, he has an even bigger hole to dig out of.
"While the year-end FEC report reveals the Republican National Committee is $21 million in debt, I believe it is best to get out all the facts as we know them associated with our financial position," Priebus said in a statement. "To date, the committee has approximately $23 million in debt: $15 million in loans, and $8 million owed to vendors."
Priebus also implicitly put the blame on his predecessor as chairman, Michael Steele, who he defeated this past January. In the statement, Priebus says that prior fundraising operations were very inefficient:
"The RNC transition team is committed to improving the committee's financial situation in two areas: lowering costs of raising small donations and restoring the trust of major donors in the Republican Party. The RNC did raise nearly $105 million in 2010 mainly through low-dollar solicitations online and in the mail, but the costs to raise it were simply too high at approximately 64 cents for every dollar raised. Even more troubling, our major donor programs are at 10-year lows.
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