Nation: NRCC Secures Loan, Will Borrow $8 Million

Posted October 8, 2008 at 6:27pm

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 with $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 NRCC’s $8 million loan would appear to push the committee’s cash on hand over the $20 million mark, depending on how much money it raised and spent in September. Last month’s 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 nation’s 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.