What the? How in the world is this even possible? With the credit crisis freezing the lending market for large businesses down to home loans it has to be difficult enough but lending $8 million for a political campaign when you just went bankrupt? Indirectly, taxpayers are going to be floating the loan to the NRCC for the 2008 campaign. Roll Call via OpenLeft:
The National Republican Congressional Committee, trailing its Democratic counterpart considerably in cash on hand, has secured an $8 million loan to spend on House races during the last few weeks of the campaign, according to sources.
The NRCC reported $14.4 million in cash on hand as of Aug. 31, compared to $54 million in the bank for the Democratic Congressional Campaign Committee. As it did last cycle, the NRCC is procuring its loan from Wachovia Bank, sources confirmed.
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