Jeb Bush: It shouldn't cost $1 billion to run a good campaign

MIAMI, April 26 (UPI) -- While speaking to major political donors at a hotel in Miami Beach on Sunday, Jeb Bush said it shouldn't cost $1 billion to run a successful presidential campaign.

"I don't think you need to spend a billion dollars to be elected president of the United States in 2016," Bush said during a question-and-answer, according to the New York Times.

"I don't think it's necessary if you run the right kind of campaign," he added. "You don't need to have these massive amounts of money spent."

Bush did say his team would have to raise a lot of money if he runs for president, but he thinks it will be less than $1 billion.

Both President Barack Obama and Mitt Romney spent over that amount in the 2012 campaign, and major donors like Charles and David Koch have said they plan to spend nearly $1 billion on political efforts leading up to the 2016 election.

George W. Bush recently spoke about the possibility of his brother running for president, saying the family name might make the campaign harder, since he believes the American people don't like "dynasties."