This story has been updated. It was originally posted at 3:10 p.m.
Sen. Rand Paul (R-Ky.) will report around $2.5 million in donations to his presidential campaign, a dip from his first quarter, though his campaign is emphasizing that more money started to roll in recently.
"Not only are we in for the long haul but we’ve seen an uptick in crowds and support," said Paul's spokesman Sergio Gor. "Since the last debate we’ve raised $750,000."
One of the first candidates to officially declare for the White House, Paul had raised close to $7 million from April through June. That was slightly more than his father, former Texas Congressman Ron Paul, raised in the comparable period of his 2012 bid. But in the next quarter of that campaign, Ron Paul raised $8 million.
Gor emphasized that the new Paul campaign was on an "upward trend," especially since the second presidential debate. Paul had used that forum emphasize his more libertarian stances, something some key Paul donors had privately asked for. "That was due to a solid debate performance that got our crowd excited," said Gor. "We're a solid campaign and our fundraising pace is doubling."
But the dropoff from the first quarter, coupled with the troubles of two pro-Paul super PACs, could aid the ongoing efforts of Sen. Ted Cruz (R-Tex.) to lure supporters into his camp. The weeks between the first and second debate saw one pro-Paul super PAC's leaders indicted, and another (less active) pro-Paul PAC announce that it was pausing its efforts until the candidate improved in the polls. The campaign has $2 million cash on hand, having already spent $250,000 to help the Republican Party of Kentucky pay for a presidential caucus. That will let Paul seek a Senate re-election as he tries to forge ahead in the White House race -- something the campaign says it has more than enough money and momentum to do.
Paul spent an estimated $4.66 million in the last three months, nearly the double the amount of money he raised -- a burn rate that will require a substantially faster fundraising pace.
Matea Gold contributed to this story.