The Democrats as a party are more than $18 million in debt and Republicans are sitting on a $12.5 million surplus. I wonder how something like this happens?
(CNN) — The Democrats’ numbers speak for themselves: Through August, 10 months after helping President Obama secure a second term, the DNC owed its various creditors a total of $18.1 million, compared to the $12.5 million cash cushion the Republican National Committee is holding.
Not only are they in debt up to their eyes, they have no plans on how to fix their financial crisis. Anyone surprised?
Several executives at firms that contract to provide services to the party — speaking anonymously to avoid antagonizing what remains an important if troubled client — describe an organization playing for time as they raise alarms about past-due bills falling further behind. And senior strategists close to the DNC say they worry the organization appears to have no road map back to solvency. “They really thought they could get this money raised by the summer,” one said, “but the fact is, from talking to people over there, they have no real plan for how to solve this.”
Not only are they catastrophically in debt, and have no idea how to solve their financial problems, they don’t care. They have no intention of “taking their foot off the pedal” to ensure the Democrats spend whatever is necessary to win in 2014 and 2016. Essentially, they run their political party the same way the do the government when they have any say over it:
- Run up insane amounts of debt
- Have no plan to turn it around
- Keep spending anyway, winning is more important than being responsible
DNC national press secretary Michael Czin says the committee is working with vendors on a case-by-case basis to pay down their tabs. And filings show the organization over the last five months has made $4.5 million in payments to the Amalgamated Bank and appears to be hewing to a $1 million-per-month installment schedule now. “While we work to retire our debt, we’re not taking our foot off the pedal and are making the investments that will help ensure that Democrats are successful in 2014, 2016, and beyond,” Czin said. He pointed to ongoing work by the DNC’s National Finance Committee, which met over the weekend in Colorado to discuss fundraising strategy.