Michael Steele (Hillel Aron)

Politico offers details from the letter penned by Gentry Collins that speak to the challenges caused by the lack of money ahead of the Nov. 2 elections. But the big problem seems like 2012.

"In stark contrast, we enter the 2012 presidential cycle with 100% of the RNC’s $15 million in lines of credit tapped out, and unpaid bills likely to add millions to that debt," Collins writes.

Republicans will need as much money as they can get to keep the House seats they earned this year while also trying to elect a Republican president. Mike Huckabee, Sarah Palin, Mitt Romney and Newt Gingrich are considered the 2012 Republican presidential favorites.

Collins had been one of Steele's most outspoken supporters. Steele has not announced if he will seek re-election in January. Several candidates are eyeing his post.

Sen. Jim DeMint (R-S.C.) attacked Steele during a Sunday talk show, saying that a weak voter mobilization effort cost Republicans midterm seat.

Reach executive producer Paresh Dave here. Follow him on Twitter: @peard33.