REPORT: DNC takes out MULTI-million-dollar credit line
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The Democratic National Committee 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 article goes on to state the following:
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 has received.
The RNC reported no debt at the end of April and $34.7 million in the bank. The DNC had $7.6 million in cash, and $6.2 million in debt.
— The Hill (@thehill) June 12, 2019
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