PHOENIX - The path to control of the Senate may go through Arizona. The fundraising numbers reported Oct. 15 shattered prior records for both candidates and were among the largest quarterly hauls ever reported.
In the latest campaign finance filing, Democrat Mark Kelly pulled in $16 million more than Republican Sen. Martha McSally.
This close to Election Day, an analyst says it may not mean as much as you think.
"At the national level, the Democrats are energized almost like I've never seen before," said political analyst Mike O'Neil.
And the third quarter FEC filings prove what O'Neil says.
Kelly reported $38.7 million in the quarter alone. McSally also had a large haul, but is lagging behind with $22.6 million this quarter.
In FOX 10's interviews with the candidates, they addressed the national interest in this race.
McSally says she's trailing financially because of D.C. politics.
"Chuck Schumer recruited Mark Kelly. He's their star recruit. He's poured tens of millions of dollars into this race because they see Arizona as their path for power."
Kelly said it's local energy.
"That's why this election is so important and that's why there's enthusiasm out there because folks across the state are facing some really serious challenges."
O'Neil says Kelly's cash advantage may not matter that much.
"If they both got piles of money, the incremental value of the next dollar is not often that great. I don't think McSally is going to lose this race because of money.. because she has lots of it, but Mark Kelly has more."
Hear more from our exclusive interviews and in depth analysis of this race during FOX 10's election preview special airing Oct. 17 at 6:00 p.m. and Oct. 18 at 6 p.m. after the game.
Surge in campaign donations
Senate candidates, particularly Democrats, saw a surge in donations following the death of Supreme Court Justice Ruth Bader Ginsburg and Senate Majority Leader Mitch McConnell’s pledge to confirm a replacement before President Donald Trump leaves office.
Kelly’s campaign ended September with about $19 million in the bank. McSally reported $12 million for the final month of the campaign.
Since the start of the campaign, Kelly has raised $83 million to $52 million for McSally. Their spending dwarfs the combined $45 million that McSally and Democrat Kyrsten Sinema spent during the entire campaign for Arizona’s other Senate seat in 2018.
Outside groups have spent tens of millions more to influence the race.
The Associated Press contributed to this report.