Bloomberg kicks in millions to launch super PAC

New York City Mayor Michael Bloomberg will put his money where his mouth is and shell out millions of dollars to help elect moderates across the country and pass referendums on his top issues.

Bloomberg, worth an estimated $25 billion, announced Wednesday that he'll launch his own super PAC and kick in at least eight figures. The New York Times says he expects to spend $10 million to $15 million.

"It's critically important that we have elected officials in Washington, Albany, and around the nation who are willing to work across party lines to achieve real results," Bloomberg said.

Bloomberg was a lifelong Democrat when he became a Republican to run for mayor in 2001. Then he registered as an independent in 2007. Both President Obama and Mitt Romney courted Bloomberg, who has said he doesn't have plans to run for the White House -- but that hasn't stopped some people from hoping that he will.

He has become increasingly vocal about issues that stretch beyond New York's five boroughs, including gun violence, education and same-sex marriage. Bloomberg's new super PAC will donate to ballot initiatives on gay marriage, and target moderates of both parties who support -- and oppose -- reducing gun violence and want to overhaul education policy.