After seven rounds of voting and multiple candidate dropouts, Wisconsin GOP chairman Reince Priebus has been elected the next chairman of the Republican National Committee. He replaces Michael Steele and faces a very difficult challenge of both paying off massive debts and building a war chest for 2012.

Good news for Republicans: This is the guy who oversaw Wisconsin’s transition from a blue to red state in 2010. It has a new Republican governor, State Assembly, State Senate, United States Representatives, and even a United States Senator. He has a track record of success going into the biggest challenge he’ll face in his career.