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Ted Cruz trounces Marco Rubio in third quarter fundraising

Republican Sen. Ted Cruz's presidential campaign raised $12.2 million in the third quarter of this year, eclipsing the roughly $6 million that his GOP rival Sen. Marco Rubio brought in, campaign officials confirmed to CBS News.

Rubio only managed to raise about half of the $12 million he raised in the second quarter. However, the Florida senator entered the month of October with about $11 million in cash on hand. Cruz's campaign did not reveal how much they had on hand.

Rubio campaign officials said July and August were tough months for donations. Rubio's fundraising pales in comparison to Cruz's and that of Ben Carson, who brought in around $20 million for the third quarter.

However, Rubio's campaign team points out that he raised over $1 million online alone in September, on the heels of two solid debate performances. Meanwhile, the campaign's $11 million cash on hand is particularly significant, given the campaign's slow-and-steady strategy. The campaign is spending virtually nothing on television advertising at this point and has a relatively small staff. The plan is to steadily gain momentum before the February 1 Iowa caucuses.