Republican National Committee Has Worst Cash Flow in a Decade

The Republican National Committee is heading toward the 2010 elections with the worst cash flow it has seen in a decade, The Hill reports.

The party spent $90 million through November of 2009, including on advertising for hard-fought governors' races it won in Virginia and New Jersey. During last year's election alone, the GOP's cash reserves dropped $15 million. It now has $8.7 million in the bank, down from $22 million when current chairman Michael Steele was elected last January, in an election year that holds 37 governor's races, a dozen tough Senate battles and dozens of House contests.

"They're spending money at 2002 levels when they are not raising money at those levels," said a GOP operative. "That kind of thing worked when RNC was awash in money, but you can't do that in this environment."

The Democratic Party lost the hotly contested governor's races in Virginia and New Jersey, but saw its stockpile grow to $13 million. The DNC started 2009 with only $5.6 million in the bank and $5 million in debt.