Bruce splashed the cash to snap up Joe Willock from Arsenal on a permanent deal, but in doing so exhausted his transfer funds.
He still wants to strengthen his squad before the transfer window slams shut next week, however is clear that he is only operating in the loan market.
The Newcastle boss stressed that when it comes to money to spend on transfers, the cupboard is bare.
“I’ve said it many times now: we’re looking at the loan market because we haven’t got any money to spend”, Bruce told BBC Radio Newcastle.
The Magpies went out of the EFL Cup on Wednesday night at the hands of Burnley, losing 4-3 on penalties.
Bruce insists that he is pleased with the performance against the Clarets, but concedes that opportunities to win the game were missed.
“We all know penalties can go either way”, Bruce added.
“What pleased me was the performance but, if I’m going to be critical, we’ve missed, big, big chances.
“I can’t remember Burnley having a shot…but, we’re out of the cup.”
Newcastle will now focus on Premier League action, with a visit from Southampton on the agenda on Saturday.
