The National Republican Congressional Committee raised $7.7 million during the third quarter of 2007, to close September with $1.6 million in cash on hand and a debt of $3.85 million.

That leaves the NRCC worse off compared to the Democratic Congressional Campaign Committee than it was as at the end of the second quarter. The DCCC raised $16 million from July 1 to Sept. 30, finishing with $28.3 million in the bank and a debt of $2.9 million.

NRCC Chairman Tom Cole (Okla.) said in a briefing with reporters this week that he has prioritized paying off a $16 million debt that the NRCC incurred in the previous cycle. Cole also said he is investing money in rebuilding some of the NRCC’s fundraising operations — a move he said will pay dividends down the road.

— David M. Drucker