Sen. Ted Cruz’s corporate donations have plummeted thanks to his role in promoting the Big Lie. According to Yale’s Chief Executive Leadership Institute, corporate contributions to Cruz have dropped from $236,850 in 2019 to just $12,614 in 2021, a whopping 95 percent decline.
Cruz was one of six Republican senators who voted against certifying the result of the 2020 election. While several senators who previously stated their plans to object reversed course after the January 6 Insurrection, Cruz continued to push the Big Lie that incited the violence.
In the wake of January 6, a number of corporations pledged to pause or terminate donations to Republicans who voted against certifying the election. A year later, most — but not all — have kept their word.
As one of the more prominent members of the Sedition Caucus, Cruz has lost a significant amount of corporate funding as a result of the donation freeze. However, he’s far from the only one; Sen. Josh Hawley (R-MO) lost 79 percent of corporate donations while Reps. Matt Gaetz (R-FL) and (R-AL) each lost 97 percent. Overall, corporate donations to Congress are down 28 percent but it’s down 60 percent for members of the Sedition Caucus (non-objecting Republicans saw a decline of 28 percent, the same for Congress overall).
It should be noted that individual donations now account for the vast majority of campaign contributions for Congress, rising to a record high of 87 percent in 2021. While Cruz has lost most of his corporate donors, he has seen an increase in individual donations that more than makes up for his losses. Furthermore, many corporations pledged to stop funding members of the Sedition Caucus or cease political donations altogether but then had their lobbyists make individual contributions for them.So while a 95 percent decline may sound bad, Cruz will have plenty of money for his senate — or presidential — race in 2024.
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