Updated: 6:20 a.m.

The National Republican Congressional Committee will announce today it has erased all of its debt heading into the 2012 election year.

The NRCC finished paying off the final $500,000 in arrears it reported at the end of October, according to the committee’s November fundraising tally obtained exclusively by Roll Call. The committee’s monthly report will be filed with the Federal Election Commission later today.

The NRCC’s announcement comes less than a week after its counterpart, the Democratic Congressional Campaign Committee, told reporters that by the end of the year, it will pay off the remaining debt from the 2010 midterm elections. The news means both committees enter the election year with a clean financial slate.

The NRCC will report raising $3.1 million in November and will show a cash balance of $14.5 million as of the end of the month. The committee increased its cash-on-hand total by $1.2 million last month.

“Exceeding our debt-free goal demonstrates that Republicans have the will to win,” NRCC Chairman Pete Sessions (Texas) said in a statement. “We’re selling our fight in a competitive marketplace, and I’m very proud of our Republican leadership and Members who have helped empower our fundraising gains this year.”

At this point in the 2010 cycle, the NRCC had about $10.2 million less in the bank. Committee officials also claimed it was the best November fundraising in an off year since 2005.

The DCCC and the NRCC began the year deep in debt after the 2010 midterm elections, when the GOP made historic gains and won back control of the House only four years after losing it.

At the end of January, the NRCC reported being $10.5 million in the hole. The DCCC was in even worse financial shape at the beginning of the cycle, reporting $18.6 million in debt.

Tuesday morning a DCCC spokeswoman said the committee had raised $4.1 million in November and had $10.2 million in cash on hand at the end of last month.

At the end of October, the DCCC had $9.8 million in cash on hand and reported $1.33 million in debt. Today the committee will report debt of $670,000.

On the Senate side, the National Republican Senatorial Committee wiped out its debt earlier this year. The Democratic Senatorial Campaign Committee reported $740,000 in debt at the end of October.

All of the Congressional campaign committees are scheduled to file their monthly fundraising reports today.