Top Republicans are expected to announce soon that the National Republican Congressional Committee is finally out of debt, Politico's Patrick O'Connor reports. After almost a year of paying off a massive debt incurred during the 2006 cycle, Republicans in the House helped the struggling committee with transfers of about $3 million this week.

The committee has reported a re-energized fundraising base after two strong wins in special elections in Virginia and Ohio. Much of that new money has come from members of the GOP caucus, including $500,000 donations from both House Minority Leader John Boehner and former Appropriations Committee chairman David Dreier. Retiring Rep. Jim Saxton looks likely to donate some of his remaining war chest to the committee, while others seeking prominent committee slots are likely to pony up big sums as well.

Now out of debt, House Republicans turn their attention to shrinking the huge fundraising edge their Democratic counterparts enjoy. Through October 31, the DCCC maintained $29.2 million cash on hand, with about $2.1 million in debt. Republicans held just $2.5 million with a $3.6 million debt. After spending more than $500,000 to win the two special elections, and after paying down the debt, Republicans still face a long road ahead if they are to take a run at reclaiming seats.