Revealed: RNC finances in even worse shape than thought

As a result of poor fundraising compounded by controversial spending practices, the RNC will enter the 2012 presidential election cycle between $20 million and $25 million in debt – not the $15 million reported over the weekend.

“It’s the biggest debt the national committee ever had going into a presidential election cycle – at least in my memory,” said former RNC General Counsel David Norcross.

The only apparent bright side is that Republicans’ money-starved national governing body at least may not have to go even deeper in debt to keep the doors open and the lights on through the election of a new national chairman, scheduled for Jan. 14 in Washington, as some veteran RNC members had feared.

“I don’t think we will borrow more money,” Treasurer Randy Pullen told The Times.