Let the jokes begin on how Republicans are fiscally responsible and Democrats have a knack for deficit spending.
In what Democrats could certainly argue was money well spent, President Barack Obama's re-election campaign and the Democratic National Committee ended 2012 in debt. Meanwhile, the Republican National Committee turned their finances around and finished the year in the black.
Campaign finance reports filed Thursday showed Obama's campaign had $5.8 million of debt while the DNC, owed $21.4 million. The two groups ended the year with a combined $7.5 million in the bank, the Associated Press reports
The Republican National Committee, meanwhile, ended the year debt-free and starts 2013 with $4.7 million in the bank. Mitt Romney's presidential campaign has not yet filed its report with the Federal Election Commission, the AP reports.
That's a far cry from how the RNC began the presidential cycle when it was saddled with $24 million in debt. The debt was mostly accrued under the leadership of former party chairman Michael Steele. It was a major issue in the re-election of party chairman Reince Priebus, who many credit for turning the finances around, Politico reports.