Phil Ammann
Within days of announcing his 2016 presidential effort, Sen. Marco Rubio is already awash in campaign donations, or at least pledges of support.
“Marco Rubio will have the resources necessary to run a first-class campaign,” Norman Braman told Reuters. “That’s already been determined.”
A former Jeb Bush supporter, Braman is a Florida auto dealer billionaire who is now one of the Miami Republican’s high-profile donors.
“Marco has had zero trouble raising money,” said George Seay, the Annandale Capital founder who will host a Rubio fundraiser Tuesday in his 7,000-square-foot Dallas home.
With as many as seven other big-money Rubio supporters, he has received $40 million in commitments in less than a week. A wave of cash is something indispensable for a crowded Republican presidential primary season filled with candidates with solid financial backing.
Rubio’s fundraising frenzy comes in the wake of the month-long candidacy of Ted Cruz, with super PACs taking in $31 million after Texas’ U.S. Senator announced his bid for the Republican presidential nomination.
Overshadowing both Rubio and Cruz is the not-yet-announced Jeb Bush, the former Florida governor who has hinted at an early $100 million goal for his prospective White House ambitions.
This frenetic fundraising pace is just the latest indication of the effect of the U.S. Supreme Court’s 2010 Citizens United decision, which ushered in an era of unconstrained third-party political spending, substantially altering the political landscape.
Through super PACs, it is now easier to raise money than ever, with billionaires and corporations bankrolling individual politicians. Campaign finance activists worry that it will further concentrate political power to a small group of ultra-rich players.
For Rubio, Cruz and Bush, who have amassed millions in commitments, the Republican primary will become a brutal battle, since raising money has stopped becoming an issue. Reuters reporter Michelle Conlin writes that it could also spell trouble for Hillary Clinton, the Democratic front-runner who will be the primary target for Republican criticism from all comers.
Although Clinton calls for campaign finance reform, her campaign is poised to raise as much as $2.5 billion.
After his announcement, Rubio set off for a series of fundraisers, including a gathering in New York, where fund manager Paul Singer is rumored to be among his top financiers. However, a Singer representative denies the reports.
“Mr. Singer is enthusiastic about the strong GOP field,” the spokesperson told Reuters, “but (he) has not yet settled on any one candidate.”
