— The Republican National Committee announced Friday it will slash its debt from $1.5 billion to $200 million.
The RNC said it would cut its debt by $300 million and refinance the $2.8 billion debt, meaning it will be able to use $2 billion of that to pay off debt that is already paid.
The announcement comes as President Donald Trump and Senate Majority Leader Mitch McConnell, R-Ky., seek to revive the debt-freezing measures they pushed for in March.
The debt-ceiling standoff has pushed Republicans to a brinkmanship that has resulted in the loss of more than $600 million in debt and millions of dollars in uncollected funds, according to the RNC.
The plan would also save the RNC more than a billion dollars in debt from the Trump administration’s budget cuts, which the party has said would cost the party tens of millions of federal dollars.
The Republican Party had $1 billion in debt, the party said, and it needed $1 million to make the refinancing possible.
The $200m debt relief is the biggest the RNC has ever received and represents a reduction from the $1-billion it previously promised in March after lawmakers failed to agree on a plan.
The GOP has been negotiating on a debt-for-fiscal year resolution, which is a compromise that could allow the party to continue to collect money owed.
But that resolution would not be final until the Republican-controlled Congress passes a budget.
Trump and McConnell said Thursday they would pass a debt ceiling resolution and then seek to reopen the government after a government shutdown ends in October.