“In the previous two non-presidential cycles, the RNC carried over $4.8 million and $3.1 million respectively in cash reserve balances into the presidential cycles,” Collins writes, underlining his words for emphasis. “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.”

The short version of the RNC’s 2010 troubles as described by Collins: The committee couldn’t afford to run an independent expenditure ad campaign on behalf of their candidates, didn’t fund a paid voter turnout operation for Senate and gubernatorial races, left its vaunted 72-Hour turnout program effectively unfunded, offered only a fraction of the direct-to-candidate financial contributions they made four years ago and dramatically scaled back its support of state parties.

Steele has not indicated whether he will seek another term at the helm of the committee and an array of Republicans are already maneuvering to ensure that he does not win re-election in the event he runs. The depth of the party’s problems his political director reveals is likely to make it considerably more difficult for the embattled chairman if he does pursue a second term.

That’s in part because Collins is not one of the committee’s persistent Steele critics but a respected operative and senior staffer inside the RNC building who was given authority over the $15 million line of credit the party took out this fall.