To answer Peachey's question: No, it's certainly not a common phrase in British English. In fact, I'd never heard it before. I looked it up in an American English dictionary and found that it means 'need'. Thank you, gentlemen. You've taught me a new expression.

In this phrase, "hurting" means "desperately needing" or "wanting very much". Wanting/Needing money so much that it hurts. I'm not sure if it's only an American phrase. Does anyone here from the UK use it?