GOP Has Bountiful Piggy Bank

The Republican Party is flush with cash to spend on its candidates.

By + More
House Speaker John Boehner of Ohio, accompanied by the House GOP leadership, speaks to reporters on Capitol Hill in Washington, Wednesday, Dec. 5, 2012.
House Speaker John Boehner of Ohio, accompanied by the House GOP leadership, speaks to reporters on Capitol Hill in Washington, Wednesday, Dec. 5, 2012.

The Republicans are struggling to find their way out of the political wilderness, but they still have an important asset that can't be minimized: the ability to raise money.

The Republican National Committee reports that it has $4.7 million in cash on hand, no debt, and the potential to raise much more money for the next rounds of political combat.

"With the continued support of our donors and sound financial stewardship, we will move swiftly to renew our party and grow our ranks so that we can win more elections—in 2013, 2014, and beyond," says Reince Priebus, chairman of the Republican National Committee.

[READ: Right Girds for Four More Years of Fight]

The RNC reported raising $378 million in the 2012 campaign cycle and $2.3 million in December, even though its presidential nominee Mitt Romney lost the November election to President Obama and several key voting blocs, such as Latinos and unmarried women, turned decisively toward the Democrats.

The GOP is already focusing on trying to take the Senate and hold the House of Representatives in 2014, in addition to doing well in the off-year elections of 2013.

Priebus points out that the RNC started the last campaign cycle, in 2011, with a $24 million debt.

[BROWSE: Political Cartoons of the Republican Party]

The Democratic National Committee hasn't yet reported its current financial condition.

Ken Walsh covers the White House and politics for U.S. News. He writes the daily blog "Ken Walsh's Washington" for usnews.com, and is the author of "The Presidency" column for the U.S. News Weekly. He can be reached at kwalsh@usnews.com and f[ollowed on Facebook and Twitter.