Texas Senator Ted Cruz neglected to reveal he secured sizable loans from two of the nation's largest banks during his come-from-behind run for that office in 2012.

The New York Times reports the current Republican presidential hopeful secured "hundreds of thousands" in loans from both Citibank and Goldman Sachs. Not disclosing to the Federal Election Commission that he did so could be a violation of federal election rules.

Despite the potential gravity of the situation, Cruz chalked it up to an "inadvertent filing question." He added he later listed the transactions on several personal finance disclosures.

"These loans have been disclosed over and over and over again," he said. "It is an inadvertent filing question. The facts of the underlying matter have been disclosed for many, many years."

Reps close to the suddenly surging 2016 GOP candidate added the loans were borrowed against their own money and further claimed Cruz and his wife sold stocks and liquidated their savings to finance the deal.

Estimates are the loans totaled somewhere in the neighborhood of at least $500,000. Cruz has also been adamant that the deal did not include any sort of special terms and he has now paid off the loan.

With the next Republican debate scheduled for just around the corner in South Carolina, the news couldn't have come at a much more inopportune time for Cruz. The outspoken senator has long made the fast and loose dealings of some financial institutions one of his signature platforms.

Cruz has also insisted when he made his decision to run for the senate he and his wife poured virtually all of their assets into his run just to have a legitimate chance to compete. Federal election records reveal Cruz extended loans exceeding $1 million to his campaign during the 2012 cycle.

A recent Des Moines Register poll now shows Cruz leading overall GOP front-runner Donald Trump 25 percent to 22 percent in the critical, early voting state of Iowa.

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