The National Rifle Association, facing a cash crunch after pouring money into Donald Trump’s presidential bid, cut spending for the midterm elections that threaten the Republican hold on Congress.
After devoting record sums to help elect President Trump in 2016, the powerful lobbying organization had a sharp decline in working capital last year. The NRA borrowed against life insurance policies on top executives and took out a loan from its philanthropic arm. It also turned to a regional bank to refinance a long-standing credit line that it had almost exhausted from Wells Fargo & Co.
