The February report likely buys Steele some time although it doesn’t offer conclusive evidence to answer the questions swirling around him. Steele’s cost-cutting and ability to add to the cash on hand total will be touted by allies as signs of progress. Detractors will note that a series of $5 million months is not the stuff that will return Republicans to the majority. (In February 2008, the RNC raised more than $10.5 million.)

Remember that context matters. If the Democratic National Committee, which has not yet released its February numbers, posts a massive fundraising month, the pressure will ramp up on Steele to flex the RNC’s fundraising muscle in March or else. If the DNC’s February number is more pedestrian, Steele will face less immediate pressure to exponentially increase the RNC’s February take.