The Latest Group Seeking an Obama Bailout: The DCCC
It’s $14 Million in the red.
It owes $4.2 million to vendors…that needs to be paid back now!
And it is trying to make 48 seats competitive in a cycle in which history says they are about to take it on the chin due to the “Six-Year Itch” of politics.
It is the Democratic Congressional Campaign Committee, and its de facto leader Nancy Pelosi spent part of the week at the White House not talking about the fiscal cliff, but begging for money from the President’s campaign.
White House officials declined to comment on the Pelosi-Obama meeting or whether the president plans to help out House Democrats with their debt.
Both Pelosi and Senate Majority Leader Harry Reid (D-Nev.) sought millions of dollars from the Obama campaign early in 2012, as the campaign season was heating up, POLITICO reported on March 5.
But Obama and his top campaign advisers, fearing a tidal wave of GOP super PAC spending — correctly, as it turned out — refused to provide any financial help to the DSCC or the Democratic Senatorial Campaign Committee.
Now, with Pelosi staying on for another two years and Obama safely reelected, the California Democrat wants the president’s help in getting the Democratic Congressional Campaign Committee back in the black.
According to its latest disclosure report, the DCCC owed $10 million on a loan from Bank of America. The DCCC also owes another $4.2 million to its vendors. The committee has $2.5 million in cash on hand as of Nov. 26.
Obama for America has debt of $7.2 million and still has $5.4 million in cash.
The bulk of the entire Democratic campaign operation is nearly broke after this past election. The DNC is said to be $20 million in the red and I believe only the DSCC (The Senate campaign arm) has any real money in the bank. In order to fill it — and fill it quickly before the bill collectors call and the next cycle starts in earnest — they are going to need help from Obama.
Given his past cooperation (or lack thereof) when it comes to helping out the DCCC / DNC / DSCC, many are wondering will Obama deliver and help fund raise.
All indications are that “The List,” the much-talked about donor and volunteer file kept by the Obama Campaign will stay in-house and go nowhere near state parties, the DNC and other committees. Instead, it will be used to have Obama supporters go after Congressional Republicans for not giving the President what he wants in legislative fights.
If that’s so, then the Dems have one selfish party leader and a lot red ink to swim through.