I think that piece is deliberately designed to be scary, more than it is to actually impart any knowledge into who the Candidate is or what he wants. (Bowie's song "Alternative Candidate," which shares a few lines, is a much clearer character piece but less vivid.)
It's certainly a sanity-slippage piece with a predatory point of view, but whether the singer is a politician, a drug dealer, a gigolo or simply delusional is left intentionally vague. The instrumental interlude between Parts 1 and 2 was described as intended to sound like the start of the guillotine at the dawn of a new French Revolution, and from that point, the lyrics become even more obtuse and violent. By the time the sax solo hits, the Candidate is proposing a drug fueled double suicide, before revealing one of Bowie's pet preoccupations: "Do you think that my face looks the same?"
If there's one central theme in Bowie's work- like Roger Waters was preoccupied with his father's death in WWII- it's Bowie's clinging to any identity, to Identity itself, in the face of his brother's descent into mental instability. By the time he was recording "Station to Station," these references had become cryptic and obsessive, but here, the cracks are starting to show: the Candidate worries that he might not be the person he used to be, or the person he believes he is.
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