“The whispers in the air are not at all accurate,” Bush spokesman Tim Miller said. “The PAC’s goals are far more modest.”

Other people close to Bush privately use more colorful language to talk down the fundraising figures, noting that Mitt Romney’s Restore Our Future PAC spent just $43 million for the entire 2012 primary season. One adviser called the $100 million by March 31 figure a “total fantasy.”

But so far, efforts by the Bush team to reduce expectations for their money haul are not working.