…while he sits on $30 milllion dollars.
From Yahoo News:
WASHINGTON – Democrats carrying significant campaign debt after winning a string of House and Senate races are grumbling about President-elect Barack Obama‘s financial reserves, saying the party’s leader is sitting on a pile of cash while Democratic leaders are broke.
Obama’s organization retains some $30 million after his successful presidential bid, but it’s unclear how the Democratic president-in-waiting might use the money.
The Democratic National Committee is carrying about $5 million in debt, with almost $12 million cash on hand. DNC officials say they expect to have the debt paid by the end of the year. The Democratic Congressional Campaign Committee carries some $19 million in debt and less than $3 million on hand. The Democratic Senatorial Campaign Committee is nearly $13 million in debt.
Party officials around the country say the campaign leaders have signaled they shouldn’t expect the money to come to them directly, if at all. Instead, many party officials expect Obama to use his funds to advance his own priorities, to support his massive Internet-based organization and to have cache for special causes. With almost 4 million donors, Obama’s fundraising list could prove golden for future Obama-backed drives.
On Wednesday, Obama send a fundraising e-mail to his supporters asking them to help retire that debt by buying coffee mugs or fleece sweat shirts. Obama and Democratic aides alike say they would use similar efforts going forward, but were aware that asking too often could dilute the effectiveness of the list.