The DNC is drowning in debt.
$6.2 million dollars worth of debt, to be exact.
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According to a new report, $4.5 million of that debt is owed to Amalgamated Bank in New York. They also also owe $1.7 million to other creditors and $900,000 to its law firm, Perkins Coie.
By the way, Perkins Coie is the firm that paid for the DNC and Hillary Clinton phony Trump dossier and hired scandalous CrowdStrike to “investigate” the DNC server after it was hacked.
The DNC also owes $412,000 in credit card processing fees for American Express.
And these people want to run the country?
Tom Perez and his cronies are spending money they don’t have as if it’s going out of style.
It makes you wonder, if the country is so anxious to make a change in the White House, shouldn’t the DNC be flooded with donations, like the RNC is?
Between March and June the DNC added a whooping $3 million in new debt, while the Republican National Committee, is raking in butttloads of cash.
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In 2019 the DNC collected contributions of more than $24.4 million but they spent $28.4 million. They posted $6.2 million in debt, including bank loans and unpaid invoices to vendors, according to Bloomberg.
But, the RNC has $34.7 million on hand with no debt at all. Plus, the GOP has raised $63 million this year.
But according to CNN, the country hates Trump, so…
Now, the DNC, desperate for cash, is taking out a $10 million dollar line of credit to help them set up infrastructure for 2020.
What a mess.
The Democratic National Committee (DNC) has taken out a $10 million line of credit as it ramps up for the 2020 presidential election.
The DNC said it had increased its existing line of credit in a hand-delivered filing two weeks ago with the Federal Election Commission. The initial line of credit, for $5 million, was taken out in early April.
A source familiar with the DNC’s finances said the expanded line of credit is meant to allow the party to make early investments in infrastructure ahead of the 2020 elections. The goal, the source said, is to hand off a strong organization to the eventual Democratic presidential nominee once he or she is selected next year.
The source said the DNC’s major donor program has already eclipsed the total raised from big donors in 2015, the equivalent point in the previous presidential election cycle.
DNC chairman Tom Perez was in Atlanta on Tuesday, where he joined volunteers for the committee’s Organizing Corps 2020, which the DNC has sunk millions into. The DNC said the group aims to have hundreds of field organizers ready in battleground states in 2020.
The DNC has struggled to raise money in recent years, and it is routinely lapped by its Republican counterpart. Through the end of April, the DNC reported having raised almost $19 million this year, less than half the $45.6 million in contributions the Republican National Committee (RNC) has received. [The Hill]
No wonder the Democrats are trying to impeach President Trump…they have no money, no candidates, no ideas, no plans, and no hope for the American people.
Instead of rebuilding their party after the massive 2016 defeat, through honest soul-searching and listening to the American people, these political nutjobs went farther left, and allowed the radical fringe to further hijack the party and drive them deeper into a black hole of political obscurity.
They deserve what they get.
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