The Republican Party is raking in the dough… except for the part that Michael Steele runs. According to The Hill, The Republican National Committee had $22.8 million in cash and no debt when Michael Steele took over as chairman, and now it has only $8.7 million in the bank heading into a year with 37 governors’ races, a dozen major Senate races, and dozens more races in the House. “They’re spending money at 2002 levels when they are not raising money at those levels,” said one GOP operative. “That kind of thing worked when RNC was awash in money, but you can’t do that in this environment.” The RNC spent $13 million on the Virginia and New Jersey governors races—both of which the GOP won. After each of the last two midterm off-years, the RNC had more than $30 million in the bank. The DNC, meanwhile, has a debt-free $13 million, but it started the year with only $5.7 million in cash and $5 million in debt.