A member of the Republican party’s budget committee tells National Review Online that the GOP has a $5 million note due February 28, 2011 — and it won’t be paying it back.
“The RNC accessed a $15 million line of credit this past cycle,” the member explains. “The first $5 million was due February 28, 2011, and after looking at the budget, the treasurer, Randy Pullen, and the chief administrative officer, Boyd Rutherford, went to the bank to renegotiate the payment schedule, because it was a pretty done deal we would not be paying that back.”
The party’s negotiations with the bank are ongoing. The episode throws into relief the party’s fiscal woes. Currently, the party is at least $20 million in debt.