PAWLEYS ISLAND, S.C. – Former Virginia Sen. Jim Webb says he will not run as an independent candidate for president, citing the challenge of raising money for a White House bid.

Webb sought the Democratic presidential nomination but dropped out in October after failing to gain traction against Hillary Clinton and Bernie Sanders. The former Reagan administration official said then he would consider running as an independent.

Webb says in a speech in Dallas that both parties have moved away from the major concerns of the average American. But he said an independent bid would have “enormously costly and time sensitive” and he didn’t see a way he could raise enough money.