Mark Hanna, an Ohio powerbroker, recognised a century ago that two things are important in American politics. “The first is money,” he said, “and I can’t remember the second.”
More than $2.6 billion is expected to be spent on the current race for the White House, but fresh financial filings suggest that some of the contenders are already struggling to feed their campaign machines.
Hillary Clinton, the favourite to win the Democrats’ nomination, spent $26 million between July and last month. She raised $28 million, but her poll numbers have drifted downwards. Mrs Clinton has not pulled away from her closest rival, Bernie Sanders, financially. She finished September with $33 million in the bank. Mr Sanders had $27 million.
The top Republican fundraiser was Ben Carson, whose supporters gave $20.8 million. However, his campaign bought meals that cost more than $1,000 dollars apiece and spent $2,000 at the Waldorf in New York.
Donald Trump, who leads the Republican polls, used $2 million of his own money on his campaign. Donors gave him $3.9 million.