The Paul-supporting Super PAC saw a huge drop in fundraising compared to January. Pro-Paul super PAC slides

Endorse Liberty, the main super PAC supporting Rep. Ron Paul’s presidential candidacy, isn’t looking too super anymore.

The organization raised less than $282,500 in February, new federal disclosure reports show — not even close to the $2.4 million it raised the month before in January.


As Paul’s campaign stumbled in February, Endorse Liberty’s support of Paul cratered: The super PAC spent less than $136,000 last month, down from about $2.9 million in January.

There were no big-dollar contributions from PayPal co-founder Peter Thiel, who has provided most of Endorse Liberty’s several million dollars in funding so far.

The super PAC’s largest single contribution in February — $200,000 — came from Margaret McMahon, a San Antonio resident whose made frequent donations to Paul’s campaign.

Federal records also indicate that Endorse Liberty, which often made daily purchases of online advertisements supporting Paul, as well as some broadcast messages, hasn’t made an independent expenditure backing Paul since March 6.

In the meantime, super PACs supporting Paul rivals Mitt Romney and Rick Santorum have spent into the millions of dollars supporting their candidates or attacking their rivals.

The lone highlight for Endorse Liberty in February? Its cash-on-hand position improved from $60,000 at the end of January to nearly $207,000 at the end of February.

Despite the super PACs underwhelming numbers, co-founder Jeffrey Harmon says he’s optimistic about its future.

“Endorse Liberty is backing Ron Paul all the way to the convention in August, and right now 100 percent of our efforts are pushing for Paul,” Harmon said. “There’s always been an ebb and flow to our expenditures, so it’s not surprising that when our energies are focused on market testing and strategic planning, the FEC reports show less financial activity than is happening. Most recently we’ve been running hundreds of small online marketing tests, and intend to scale up the most effective ads once that’s complete.”

In a recent interview with POLITICO, the super PAC’s treasurer said Endorse Liberty was “reassessing” its efforts while considering broadening its support to candidates other than Paul.

“Yes, we are reassessing our efforts, but we have always felt that we are a part of a larger movement rather than just a single election,” Endorse Liberty’s Abe Niederhauser said. “We will continue to support Dr. Paul, but ultimately, we support an idea. We will support candidates who uphold the principles of liberty. We may also get involved in some of the Senate and House races.”

Super PACs, legal for the first time during a presidential election, may raise and spend unlimited amounts of money to overtly advocate for or against political candidates at any point during an election. They are barred, however, from coordinating with the candidates they support.

Paul’s own presidential campaign is also struggling financially as it attempts to remain relevant, reporting Friday that it spent more money than it raised in February and reported its lowest cash-on-hand amount for any point during the 2012 campaign.

Romney, Santorum and former House Speaker Newt Gingrich all lead Paul in estimated delegated amassed during the Republican nominating contests.