The state party has only $1.1 million cash on hand, money it needs to hold onto to pay day-to-day expenses such as salaries.
Meanwhile, it is struggling to come up with a plan to pay off $4.2 million in debt.
That is in stark contrast to the Democrats, who have wiped out all but a few thousand dollars of debt and have $5.2 million in the bank.
"There is a sweet irony in it," said Roger Salazar, spokesman for the California Democratic Party.
"The Republicans can't even manage their own party's finances," he said. "They have no business telling the state what to do with its budget."
The Republicans say their financial troubles are the result of donor fatigue after a stretch of five years with a major campaign each year, including the recall in 2003 and the special election called by the governor in 2005.
Waah waah waah. The Democrats participated in all of the same campaigns, and our fiscal situation is quite healthy. Man and to think that Arnold just brought in $1.6 million for the Florida Republican Party. Didn't they cancel the fundraiser he was supposed to do for the CRP earlier this year?
