Today, GOP chairman Reince Priebus released a statement in response to the party’s year-end report, which revealed it had over $725,000 in cash-on-hand and more than $21 million in debt.

Promising greater transparency with donors, Priebus vowed to get the committee back in the black. “We have reduced staff from 124 positions to 82, frozen all major contracts until they can be evaluated, and assembled an incredibly strong finance transition team,” Priebus said of his first few weeks in office. “These moves alone have resulted in payroll savings of $500,000 a month and we exceeded the RNC’s major donor goals by over 30 percent in January with only half the execution time.”

Read the full statement here.