With its debts mounting, the Republican National Committee this week assembled a team of big-name veterans to bail out the onetime fundraising giant in time for the 2012 presidential election.
But first, they have to figure out just how deep the debt is.
Newly installed Chairman Reince Priebus has established a transition finance team that is co-chaired by three of the party’s most renowned rainmakers: former ambassadors Ron Weiser, Sam Fox and Al Hoffman. Their goal is to put the committee’s financial house back in order by April 1.
Officials do not expect the debt to be paid off by then; rather, the new recruits hope to oversee the hiring of an experienced, full-time finance team and establish a strategy for paying down the debt even as the RNC begins banking money for the 2012 contest.
In recent months, the debt figure has moved from $15 million to $20 million to $22 million. Weiser said he’s fairly confident the committee’s unpaid bills amount to about $23 million, but other insiders are bracing for a total between $25 million and $30 million.