NRCC Took Out $12 Million Loan in October
Posted at 10:40 a.m. on Nov. 16, 2012
House Republicans borrowed $12 million in the waning weeks before Election Day, according to a source with knowledge of the transaction.
The National Republican Congressional Committee secured the loan in late October to help fund the final push of TV ads and boost its candidates to victory.
It’s common for the campaign committees to go into debt in a campaign year. But the NRCC’s loan is significantly smaller than the $17 million the Democratic Congressional Campaign Committee borrowed in October, according to reports.
There’s some risk to taking out large sums because the committees must pay them back during the next cycle. It often takes parties months, sometimes even more than a year, to get rid of this debt.
House Democrats picked up seven or eight seats this cycle, based on the four outstanding races that have yet to be called.
The NRCC made $62.75 million in independent expenditures this cycle, including the loan. The DCCC made $57 million in independent expenditures.
The source also noted that the loan was built into the NRCC’s budget presented to House GOP leadership early last year.