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.
Terri Henderson, 6, center, whose mother is El Salvador, attends a rally with members of Congress at Union Station's Columbus Circle to announce the Restore Opportunity, Strengthen, and Improve the Economy (ROSIE) Act on July 29, 2014. The legislation provides incentives for government contractors to pay a living wage and other benefits that would help low-income workers.