Posted on 04/17/2015 9:23:30 AM PDT by 2ndDivisionVet
Ted Cruz is raising money for his presidential campaign at a significantly faster rate than Mitt Romney did four years ago, eclipsing the early total raised by the former Massachusetts governor who went on to win the Republican nomination in 2012.
The conservative Texas senator, who is seeking to unite the Republicans’ tea party wing behind his White House run, raised $4.3 million during the final days of March – his first full week after declaring as a candidate for president.
Cruz proved particularly popular with small donors, raising more in his first week from contributors giving $200 or less than Romney did in the first eleven weeks of his campaign.
But the right-wing senator also raked in some noteworthy donations from two wealthy Republican donors – a sports owner and a private-equity investor – who are likely to be kingmakers in the forthcoming race for super-PAC money.
Cruz benefited from becoming the first Republican to formally enter the race for the 2016 nomination, an early move which also made him the only candidate required to submit details of first-quarter fundraising to the Federal Election Commission (FEC).
A detailed analysis of Cruz’s filing by the Guardian and the Center for Responsive Politics reveals that his opening money tally significantly outstripped Romney’s performance in the eight days after he formed an exploratory committee four years ago. The analysis of Cruz’s filing, which details donations made between his declaration on March 23 and the first FEC deadline on March 31, suggests the crowded Republican presidential primary is on course to be both expensive and hard-fought.
Cruz is considered a second-tier candidate, but is proving he can gain financial traction through a combination of small-contributor support and backing from key billionaires.
Romney’s presidential declaration, in mid-April 2011, marked the first day he started raising money for his second presidential run. Cruz did not announce the formation of an exploratory committee, choosing instead to start raising funds on the day he announced he would be seeking the Republican nomination.
Of the total Cruz raised in his first eight days, $2.2 million came from large donors – those giving between $200 and $5,400. By comparison Romney, an establishment candidate who was popular among wealthy business donors, amassed only $725,000 from large donors in his first eight days fundraising for his 2012 campaign.
Cruz also appears to have raised significantly more from small donors, suggesting the conservative senator has early grassroots appeal. Romney’s total take from small donors over the first 11 weeks was just $1.1 million. Cruz easily outstripped that tally in just over a week, raising $1.8 million from small donors in his first eight days.
Even when Romney’s initial haul is measured from the point at which he officially declared he was running for president – June 2, 2011 – he still raised only $1.38 million, around one-third of the total Cruz has generated from donations in the same eight-day period.
However, Cruz’ comparatively opening tally may be less an indication of his early success as a candidate than a sign of what is likely to be a highly-competitive, well-funded Republican primary race for all of the major candidates.
The Republican primary contest four years ago was long and drawn out but actually turned out to be a relatively inexpensive race. Romney amassed the bulk of his war chest – which, like that of Barack Obama, amounted to more than $1bn – during the general election, once sums raised by Super-Pacs were included in FEC filings.
Both senators Rand Paul and Marco Rubio declared their White House bids after the 1 April deadline for first-quarter submissions to the FEC. Both campaigns did leak what, if accurate, would be significant first-day fundraising totals that also signify the Republican nomination contest is on course to be hugely expensive.
Paul claimed to have raised in excess of $1 million within 24 hours of his campaign launch in his home state, Kentucky, through his website alone. However, the rate of fundraising from Paul, who is competing from a similar donor-base to Cruz, appears to have slowed considerably since then. Nine days after his campaign launch, Paul has raised $2.2 million, roughly half of the total amassed by Cruz, though that figure cannot be verified as Paul has filed no official reports with the FEC.
Marco Rubio, who announced his presidential campaign in his home state of Florida, on Monday, reportedly raised $1.25 million online during his first full day as a candidate.
Despite his apparently impressive fundraising totals, Cruz’ reported fundraising skews to a local base of support, and suggests his campaign is not yet a broad, national effort.
Of the $2.2m from large donors, a full two-thirds came from individuals in Cruz’s home state of Texas. Just $62,000 came from donors in New York City, where many GOP candidates have historically had success tapping the deep pockets of Wall Street executives and hedge fund managers.
Even within Texas, the donations are relatively tightly focused, with more than half-a million dollars originating in Houston, where Cruz lived and worked before coming to Washington as a senator in 2012.
But Cruz did attract some mega-donors who are considered giant figures in conservative fundraising circles since the U.S. Supreme Court’s 2010 Citizens United decision, which allowed unlimited donations to super PACs.
They include Robert McNair, the owner of the NFL’s Houston Texans franchise, who, along with several members of his family, made the maximum donation to Cruz’s primary campaign. In each of the last two election cycles, McNair has given more than $3m to conservative super PACs, including $2m to the super PAC that backed Mitt Romney.
Another name lit in neon in the Republican fundraising world that showed up with a maximum donation for Cruz is John W. Childs, a billionaire private equity investor. He has given millions to conservative super PACs, including $700,000 to Freedom Partners Action Fund, which is linked to the star billionaire Koch brother donors.
Childs also gave $1 million to Romney’s super PAC in 2012, as well as $1.7 million to Karl Rove’s American Crossroads.
.... And that is in spite of Romney and his Team of
RINOs and DEMs backstabbing Sen.Cruz
(just like they went after Gov. Palin).
By whom? The enemedia?
Every credible poll which I've seen has shown him and Scott Walker as the only clear first-tier candidates at this point. If Jeb Bush hasn't dropped to second tier yet, it is only because of his high name recognition and megabuck war chest.
and the next money bomb awaits a lit fuse
He seems to be in third place nationally, which is first-tier where I come from.
See my tagline.
Perhaps the lack of support early on by the rigorously and politically correct Establishment within the GOP is working in FAVOR of Senator Cruz, who is greatly buoyed by his open attack on the “conventional wisdom” that seems to dominate the party chiefs.
Class and convictions carry a person a long way in today’s political environment. We do not need a “well-lubricated weather vane” as our standard bearer.
He needs at least 2 billion for a run. From primary to general.
Yet I notice Drudge doesn’t even include Cruz’s picture among six candidates shown on his headline concerning New Hampshire today, among whom are candidates who haven’t announced yet.
PPP puts Ted Cruz in second place in New Hampshire:
http://www.freerepublic.com/focus/f-news/3279526/posts
Well...both Drudge AND soviet Red Hampshire media completely ignoring Cruz. Hmmm...
They tried that with then former Governor Reagan, as I recall.
Hopefully, we get similar results...
The field will usually be thinned by half by the time Iowa and New Hampshire rolls around. After Super Tuesday in February, it is down to two or three.
I think Cruz will at least make the first cut. I am not so sure Jeb will.
Despite his apparently impressive fundraising totals, Cruz’ reported fundraising skews to a local base of support, and suggests his campaign is not yet a broad, national effort.
And so it starts... They have already marginalized him and demoted him to second tier status without a single vote being cast.
THis is what they're going to do from this point forward...Cruz is considered a second-tier candidate the template in any article about him.
[both Drudge AND soviet Red Hampshire media completely ignoring Cruz.]
and FOX News.
He is one of two DECLARED candidates.
Ignoring CRUZ will not work. We declare: No weapon formed against you will prosper.
Yep, I noticed that too!
(and this is VERY bad news for those of us who support Cruz)
If we dont have Drudge on out side... it’s going to be a HECK of a lot harder to make Cruz the nomination.
Texas is ALWAYS over represented when it comes to political donations to Republicans.
I dont see Jeb dropping out before Florida. If he does poorly in the first states and doesn’t finish 1st in Florida, he drops out almost immediately after.
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