You knew this was going to happen:
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 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.
With this new loan, the NRCC is still going to be outspent, just not quite as badly as before. I hope this inspires members of the caucus to pay their dues, but also, the DCCC should strongly consider taking out a sizable loan of their own. Playing fields ripe with this many opportunities don’t come along every cycle.
I wish that Wachovia would be more careful about the creditworthiness of their borrowers. Republicans are notorious for borrow-and-squandor policies. And the outlook for a turnaround in their currently dire situation is, well, short term seems very bleak.
Fat chance of the NRCC paying this one back.
It’s good to see the credit market loosening up.
more subprime lending
With the worst financial loans of all-time, just below the 300 million euro loan made by a German bank to Lehman Bros. AFTER Lehman filed for bankruptcy.
http://www.spiegel.de/internat…