Peltola outraises Sullivan, lags in cash on hand

Former Rep. Mary Peltola’s (D-Alaska) staggering first-quarter haul comes with a caveat: She spent a lot to raise a lot.

Peltola hauled in nearly $8.7 million directly to her campaign account over the first quarter of the year in her quest to unseat Alaska GOP Sen. Dan Sullivan. She raised four times as much cash as the incumbent, according to filings from the Federal Election Commission. But she spent nearly $3 million, leaving her with $5.7 million in cash on hand.

Sullivan, meanwhile, raised $1.7 million directly to his campaign account and kicked off April with more than $7 million in his war chest.

Both campaigns have argued they’re in strong financial positions in what is already shaping up to be an expensive race by Alaska standards — one that could help decide control of the Senate. Peltola has an early polling advantage and led Sullivan by 5 percentage points in a mid-March Alaska Survey Research poll.

The candidates are getting a boost from outside groups. Democratic-aligned groups have already put more than $3 million into backing Peltola, per the tracking firm AdImpact. The Senate Leadership Fund, a top GOP super PAC, has pledged to put $15 million into defending Sullivan’s seat and has already placed millions of dollars in ad buys.