NRCC Secures $20 Million Credit Line for Final Push

Posted October 22, 2010 at 4:48pm

The National Republican Congressional Committee has secured a $20 million credit line, a move confirmed Friday afternoon that significantly closes the cash advantage of its Democratic counterpart.

Fundraising reports filed with the Federal Election Commission less than 24 hours ago showed the Democratic Congressional Campaign Committee had a sizable cash advantage as of Oct. 13. Outside conservative groups are expected to help narrow that financial advantage in the 11 days before voters go to the polls.

Specifically, the DCCC reported $24.8 million in the bank at the end of the most recent reporting period compared with the NRCC’s $11.3 million. On top of that edge, Democrats secured a $17 million line of credit of their own.

There was no sign of a comparable credit line or loan for the NRCC in its pre-general election filing made public Thursday night. But an updated report filed Friday afternoon reveals the $20 million line of credit with Wachovia.

The credit line replaces what was expected to be a roughly $6.5 million bank loan reported last week, according to an NRCC official. And it allows Republicans to expand an already massive playing field.

“We have been up or are up in a total of 62 districts,” noted the official. “That could be as much as 70 at the end of the day with a total of $50 million spent.”

The NRCC plans to spend just $12 million of the total $20 million credit line, the official said.

“This puts us in an even stronger financial position to remain on offense in the final days and remind voters of the cost of Democrats’ job-killing agenda,” NRCC spokesman Paul Lindsay said.