The Democratic National Committee’s latest filing with the Federal Election Commission indicated that its debt has increased since November, the Washington Post reported Thursday. And that’s only one part of the DNC’s current financial troubles.
From WaPo:
The committee, which was $20.6 million in debt as of Nov. 26, has actually added more since then. Its total obligations rose to $21.9 million at the end of February, according to a report filed with the Federal Election Commission on Wednesday.
The committee owes an even $15 million on a loan. And the amount owed to vendors has risen to nearly $6.9 million in the early months of the 2014 cycle.
But those numbers don’t even tell the whole story of the committee’s struggling finances. In addition to taking on more debt, the committee has seen its cash on hand reduced by more than half since Nov. 26, from $9.7 million to just more than $4 million.
While the committee had $10.8 million more debt than cash back then, it now has $17.8 million more debt than cash. In February alone, the debt-to-cash difference rose by $1.7 million.
In other words, the committee is spending more than it is raising, and it’s not spending that money on paying off debts.
