RNC Cooks Books By Hiding Debt From FEC

July 08, 2010 3:30 pm ET — Media Matters Action Network

More trouble for the Republican National Committee.  National Journal's Hotline reports:

The RNC is expected to file a series of amended reports with the FEC this month after an internal review by the treasurer found a number of debts that had not been previously reported.

Sources with knowledge of the RNC's financial situation said the debts will likely amount to hundreds of thousands of dollars. The debts, owed to several vendors, have not been reported yet because top RNC officials have not acknowledged their existence.

"Over the past 3 or 4 months, maybe longer, the staff has been directed to hold off on reporting some debts, to roll them over to the next month, so the month that they're in will look better on the FEC report," said one source involved in the budget process. "It eventually catches up with you."

Michael Steele's gaffes, it seems, are the least of the RNC's problems.