While Americans are focused on a government shutdown
precipitated in large part by America’s debt crisis, the fundraising arm of the
party that advocates spending trillions of dollars in borrowed money has a debt
crisis of its own. As a result of spending during the 2012 election campaign,
the Democratic National Committee (DNC) is nearly broke, even as it struggles
to pay its own vendors.
The numbers paint a bleak picture. At the end of May, the
DNC had $6 million in cash and $19.8
million in debt, and was paying off its bills at a rate of less than $1 million
per month. Through August, the DNC owed $18.1 million to its various creditors.
Several of those creditors, speaking anonymously to avoid any blowback from the
DNC, described the organization as one falling further and further behind in
its ability to pay past due bills. Moreover, senior strategists with close ties
to the money-raising arm of the Democrat party have expressed concerns that the
DNC has no apparent strategy for returning to solvency. ”They really thought
they could get this money raised by the summer,” said one of those strategists.
“But the fact is, from talking to people over there, they have no real plan for
how to solve this.”…..To Read More……
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