The National Republican Congressional Committee, trailing its Democratic counterpart considerably in cash on hand, has secured an $8 million loan to spend on House races during the last few weeks of the campaign, according to sources.
The NRCC reported $14.4 million in cash on hand as of Aug. 31, compared to $54 million in the bank for the Democratic Congressional Campaign Committee. As it did last cycle, the NRCC is procuring its loan from Wachovia Bank, sources confirmed.
The NRCCs $8 million loan would appear to push the committees cash on hand over the $20 million mark, depending on how much money it raised and spent in September. Last months numbers for both the NRCC and DCCC are not due to be publicized until later this month.
Wachovia Corp., which has taken a hit because of the nations financial crisis, was due to be sold to Citigroup Inc., before Wells Fargo & Co. stepped in with a larger bid. The two sides remain in negotiations.
Rep. Elijah Cummings, D-Md., right, hugs Harold Schaitberger, General President of the International Association of Fire Fighters, after the Congressman spoke at the IAFF's Legislative Conference General Session at the Hyatt Regency on Capitol Hill, March 9, 2015. The day featured addresses by members of Congress and Vice President Joe Biden.