Super PACs backing Sen. Ted Cruz (R-TX) for president of the United States are taking in a “record haul” that is “eye-popping,” Bloomberg’s Mark Halperin writes.
“Ted Cruz’s presidential effort is getting into the shock-and-awe fundraising business,” Halperin wrote.
An associate of the Texas senator, a recently announced presidential candidate, tells Bloomberg that a cluster of affiliated super-political action committees was formed only this week, and among them they are expected to have $31 million in the bank by Friday. Even in the context of a presidential campaign cycle in which the major party nominees are expected to raise more than $1.5 billion, Cruz’s haul is eye-popping, one that instantly raises the stakes in the Republican fundraising contest.
The rate at which the outside Super PACs pulled in $31 million to back Cruz, Halperin wrote, “is remarkable” adding that there “are no known cases in which an operation backing a White House hopeful has collected this much money in less than a week.”
What’s more, Halperin notes, this $31 million off the bat in the first week of these Cruz Super PACs is just the beginning.
“Those involved in the Cruz super-PACS say many of his biggest financial backers haven’t yet made contributions to the new organizations and are expected to do so in the coming months. By law, super-PACS can accept unlimited contributions from individuals,” Halperin wrote.
Federal Election Commission (FEC) documents show that attorney Dathan Voelter—a Cruz friend and longtime backer—will serve as treasurer of what Halperin describes as “the cluster of new super-PACs.”
“All three PACS have a variant of the name ‘Keep the Promise,’” Halperin wrote.
A document prepared by the super-PAC organizers says they “are committed to raising the resources necessary to promote Senator Cruz in his efforts to win the 2016 Republican presidential nomination.” The document quotes Voelter as saying, “We’re just getting started … Our goal is to guarantee Senator Cruz can compete against any candidate. Supporters of the Senator now have a powerful vehicle with the resources necessary to aid in his effort to secure the Republican nomination and win back the White House.” The document describes those “leading the financial charge” as “a group of close, personal friends of Senator Cruz, who share his conservative vision for America.”
This effort will ensure that even though former Florida Gov. Jeb Bush may be able to out fundraise Cruz, the Texas senator will have enough funding to wage a fair battle. Because of this kind of effort, Cruz—who the Wall Street Journal reported last week raised about $4 million for his campaign in its fledgeling first few days—will absolutely be there on the main stage competing with Bush, Wisconsin Gov. Scott Walker and other heavyweights until the last man. And he just might, as Halperin previously said, become the Republican nominee.
“According to the source close to Cruz, more than $20 million of the $31 million is expected by Wednesday, with the rest due in by the end of the week. Those cash figures could not be independently confirmed by Bloomberg, and sources declined to provide financial documents to support the claim,” Halperin wrote.
The group does not plan to reveal the names or number of donors until they are legally required to do so, at the end of the FEC reporting period on July 15. According to a person familiar with the workings and financing of the new super-PACs, many of the donors are former backers of George W. Bush and [former Texas Gov. Rick] Perry. Bush’s brother, of course, and Perry himself, are seeking the White House now, which makes Cruz’s coup that much more impressive. A Houston-area associate of Cruz’s has led the effort to pull together the donors, many of whom are Texans and New Yorkers.
The three Super PACs are named: “Keep the Promise,” “Keep the Promise II,” and “Keep the Promise III.”
“Keep the Promise can provide the ‘appropriate air cover’ in the battle against Senator Cruz’s opponents in the Washington establishment and on the political left,” the document the group gave to Halperin says. “We plan to support the effort of millions of courageous conservatives who believe 2016 is our last opportunity to ‘keep the promise’ of America for future generations.”