“Billionaire Tom Steyer appeared on the Democratic presidential debate stage for the first time Tuesday night, but voters in early states have already seen him on TV thousands of times,” the Wall Street Journal reports.

“Since entering the race in July, Mr. Steyer has spent more than $26 million on TV ads, airing more than 53,000 spots in markets that reach Iowa, New Hampshire, South Carolina and Nevada voters… All told, that is more than six times as many as the rest of the Democratic field combined.”

“Bernie Sanders and Elizabeth Warren don’t just lead the Democratic presidential primary in fundraising. They’ve stockpiled millions more than their rivals, including former Vice President Joe Biden, who burned through money at a fast clip over the past three months while posting an anemic fundraising haul,” the AP reports.

“Sanders held $33.7 million cash on hand on his third-quarter fundraising report. Warren had $25.7 million during the same period, while Mayor Pete Buttigieg came next $23.3 million.”

“Biden, meanwhile, held just $8.9 million, a small fraction of what his leading rivals have at their disposal.”

Ezra Klein: “A few things are true about the Hunter Biden story. One is that there’s no evidence Joe Biden did what Donald Trump has accused him of doing: pressuring Ukraine to fire a prosecutor to protect his son from investigation.”

“But another is that Hunter Biden poses real problems for Joe Biden’s campaign, and if Democrats pretend otherwise, they’re making a mistake.”

“Many Democrats consider raising the Hunter Biden question unfair to Joe Biden. Perhaps it is. But no one said politics was fair. And if Democrats avoid the issue, they can be certain Trump will not. Biden’s vulnerability here needs to be tested in the primary, when Democrats have other choices, rather than in the general, when they won’t.”