The Republican National Committee – the Republican Party’s main electoral committee – beat out its Democratic counterpart, the Democratic National Committee, in fundraising for the month of October.

The RNC pulled in $8.5 million for the month while the DNC raised $7.9 million.

Both committees saw a decrease in fundraising from the previous month of September, but the DNC’s decline was much larger. In September, the committee raised $14.6 million – almost double its October earnings.

The RNC’s decrease was much smaller – down less than $1 million from the $9.3 million they took in for September.

The Democratic National Committee’s earnings for October include $2 million raised on behalf of a joint account shared by the DNC and President Obama’s re-election campaign called, “The Obama Victory Fund.”

As of the end of October, the RNC had more cash on hand than the DNC, but also a larger debt. The Republican National Committee had $13.5 million on hand, and $13.9 million in debt. The Democratic National Committee had $11.1 million in the bank, and a debt of $9 million.

The RNC has reduced its debt by more than $10 million since  Reince Priebus became chairman in January. Chairman Priebus put out a statement today following the release of the October fundraising numbers.

“Highlighting the Republican enthusiasm across the country, over the last 10 months our  major donors and grassroots supporters have returned in large numbers to the RNC,” he said. “Their support has empowered us to build an effective, competition operation to defeat Barack Obama in 2012.”