“It’s easy to be critical, but had she won Iowa, none of this would have mattered. It wouldn’t have mattered what she spent because money would have come pouring in,” said Hank Sheinkopf, a Democratic political consultant and a veteran of Mr. Clinton’s successful 1996 re-election bid. “But the fact that she did not has made everyone focus on where the dollars went  and where they think the money should’ve gone.”

Mrs. Clinton came into January with a cash advantage over Mr. Obama, with about $19 million available for the primary, compared with about $13 million for him. She wound up spending at roughly the same rate as Mr. Obama, about a million dollars a day, but because she performed dismally compared to him in raising money, she ended the month essentially in the red and was forced to lend her campaign $5 million, while he had $19 million for the coming contests.

Over all, Mrs. Clinton has spent more than $35 million on media, polling and consulting. A comparison with Mr. Obama’s spending is difficult because of the ways the campaigns labeled expenses, but it appears he spent about $40 million in those areas.

In other notable expenditures during the lean month of January, Mrs. Clinton paid $275,000 to Sunrise Communications, a South Carolina firm that was supposed to turn out black voters for her and collected nearly $800,000 in total. She lost that state to Mr. Obama by a wide margin. Even small expenses piled up in January: the campaign spent more than $11,000 on pizza and $1,200 on Dunkin’ Donuts runs.

Mr. Penn, the chief strategist, said in an interview that, since 2001, he no longer owned any of the political consulting firm of Penn, Schoen and Berland Associates. He said the firm’s fees were capped at $20,000 a month and that the “great bulk” of the payments went for direct mail.

Joe Trippi, who was a senior adviser to John Edwards’s presidential campaign, said he believed that the Clinton team had made two fundamental errors.

First, he argued, Mrs. Clinton built a top-down fund-raising operation that relied on a core group of donors to write checks early on for the maximum amount, $4,600 for the primary and the general election, which left few of them to go back to when money became tight. Mr. Obama, by contrast, focused on building a network of small donors whose continued ability to give has been essential to his success this winter.