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MIAMI BEACH — Jeb Bush told donors here that he believed his political action committee had raised more money in 100 days than any other modern Republican political operation, according to those who heard him.

The remark suggests that the so-called shock and awe financial effort underway by his team is meeting or exceeding its internal goals and will represent a formidable threat to his Republican rivals in the 2016 presidential contest. He offered no specific figure.

While Mr. Bush’s aides have done their utmost to tamp down expectations, the figure is expected to be in the high tens of millions of dollars. The figure does not comprise “hard dollars” – the type of capped donations he’ll raise in maximum $2700 chunks once he declares in the next two months – but his team has privately signaled plans to use the super PAC differently than it has typically been used

Mr. Bush’s claim was without some significant historical context, however – the money he’s raising is primarily for his super PAC, which can collect unlimited donation. Such entities were created following the Citizens United campaign finance ruling in early 2010 – meaning they’ve only been a feature of a single presidential cycle before this one.

Unlike Ted Cruz, the Republican Senator from Texas who had four different families contribute to super PACs that will help him, Mr. Bush has gone about the fund-raising for the Right to Rise super PAC in a traditional fashion. He’s held a staggering number of fund-raising events since the beginning of the year.

Mr. Bush’s financial edge is somewhat less significant in an era in which people like Mr. Cruz and Senator Marco Rubio of Florida are able to raise substantial sums from single donors. But, even if the money does not guarantee that Mr. Bush will be the nominee, it will give him enough to last through a protracted nomination fight.

Mr. Bush also another, if temporary, advantage over the senators who are running – he is still able to raise funds for and direct the spending of his super PAC. The senators face restrictions on such activities. And it’s an edge that he will keep until he is a declared candidate – part of his incentive for staving off an official announcement for as long as possible.