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Reince Priebus Named Chairman of RNC

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The Republican National Committee has named Reince Priebus as its new chairman, replacing Michael Steele. On Friday, Steele abandoned his re-election bid, endorsing Maria Cino and asking his supporters to back her.

As The Associated Press reports, the party is facing a large debt of about $22 million, despite its victories in the mid-term elections. Read the full AP story here.