DNC deep in debt as RNC builds up $20 million war chest

The Republican National Committee keeps building its cash advantage over its Democratic rivals, strengthening the party’s position going into the election year – with the latest monthly reports showing the DNC with a major debt, while the RNC has accrued a $20M war chest.

The Republicans announced last week that they had raised $8.7 million in October, which they say broke a record for presidential off-year fundraising record.

“With just under a year until Election Day 2016 we’re seeing great enthusiasm for the GOP,” RNC Chairman Reince Priebus said in a press release.

Figures show the Republicans now have over $20 million cash on hand, with only $1.8 million in debts owed. The RNC has raised a total of $89.3 million to date in the current election cycle.

The figures stand in stark contrast to the DNC, that has only $4.7 million cash in hand, with $6.9 million in debts owed, putting the DNC in the red, according to FEC figures. According to the Center for Responsive Politics, the Democrats have so far raised $53.2 million this election cycle, significantly less than their Republican counterparts.

The DNC raised just shy of $4.5 million in October, but spent approximately $5.2 million.

The nearly $7 million in debt the DNC now has was in part due to a $2 million loan from union-owned Amalgamated Bank, The Washington Free Beacon reported.

The release of the numbers could increase pressure on DNC chair Debbie Wasserman-Schultz, and could hamper the DNC’s push to retake the House and Senate, while also keeping the White House in 2016.

The Democratic National Committee did not respond to a request for comment.

One Republican strategist said that the number show the DNC is simply unable to get its act together, and that Democrats will have to rely on other sources of support in 2016 as a result.

“What is clear is that the future Republican presidential nominee can count on strong support from its party while the Democrats will have to resort to only relying on outside resources because the DNC simply can’t get its act together,” Ron Bonjean, an unaligned GOP strategist, told FoxNews.com.

FoxNews.com’s Adam Shaw contributed to this report.