October 31, 2010
In an interview with my colleague Mike Allen, RNC Chairman Michael Steele initially�claimed�that the�committee "is not in debt."
But after Mike interjected to ask whether Steele was suggesting the committee would not be in the red after this cycle, the chairman immediately hedged.
"Well, there may be"�some debt, he allowed, noting that the committee did take out a line of credit.
In reality, the RNC is likely to borrow at least $15 million to get through Election Day. The committee approved a $10 million line of credit in August and an additional $5 million line earlier this month.
It's not uncommon for the party committees to go into debt to maximize promising election cycles, but Steele's denial illustrates why so many GOP insiders are exasperated with his tenure.
On the�defensive about his stewardship of the committee, Steele's first reaction to a question about how he's leaving the party is to�make a claim that is self-evidently untrue. So, in trying to put the best light on his tenure, he just compounds his problems.�
Posted by Jonathan Martin 03:11 PM
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