Supporters of Sen. Ted Cruz of Texas have been able to raise an "unbelievable" $31 million for his presidential campaign over the past several days, with the money being funneled through four newly established super PACs, according to news reports.
The magnitude of the war chest caught political observers by surprise,
The New York Times said.
Dathan Voelter, Cruz's attorney and confidante, said the money comes from deep-pocketed backers and that the bulk of the donations are already in hand.
"It's unbelievable; I don't think anyone expected it," Republican strategist Dave Carney told the Times. "I don't think in the first round anyone would have expected them to raise that much. It is going to change everyone's calculation."
Cruz had already demonstrated the ability to raise vast amounts of money from small grass-roots donors via the Internet.
The revelation that he already has pulled in this much money from major donors since the PACs were established on Monday significantly counterbalances any trouble he has pulling in the support of Republican establishment bundlers, the Times said. Bundlers can, anyway, raise only up to $2,700 per election per individual,
Bloomberg reported.
The super PACs — Keep the Promise, Keep the Promise I, Keep the Promise II, and Keep the Promise III — will allow donors atypical say over how their money is directed in the Cruz campaign. The organizations will not have to reveal to the Federal Election Commission where the money came from until July, according to Bloomberg.
The super PACs of the GOP's other 2016 presidential contenders will now be pressed to raise a comparable amount of money — not over the course of the primary campaign as they had planned, but more immediately, the Times said.
Voelter told the Times: "There was this group of major donors who were really energized at the prospect of Senator Cruz running for president. And with the campaign they've seen, they wanted to form this PAC and do it early to advocate on his behalf. This has all come together very recently."
The Times reported that a significant amount of Cruz's money likely originated from the family of Long Island billionaire Robert Mercer, a hedge fund investor who keeps a generally low profile. His wealth is said to be on par with that of casino magnate Sheldon Adelson.
Mercer has backed tea party libertarian groups that oppose the Republican establishment such as the Club for Growth and the Goldwater Institute, the Times reported.