President Donald Trump’s super PAC, MAGA Inc., is sitting on over $350 million, and Republicans are growing increasingly anxious for the money to be deployed ahead of the November midterm elections.
The president has been trying to boost Republicans’ midterm prospects by branding Democrats as communists, implementing a fragile truce with Iran, and touting plummeting gasoline prices. But some Republicans wish he would just spend the war chest sitting in his super PAC.
“We didn’t leave our most powerful missiles on the ships when we were trying to crush Iran. Money is the political equivalent in politics,” said a GOP lobbyist and donor. “Now is the time to sell the message.”
The Spending Gap
MAGA Inc. hasn’t spent directly on a race since March, when it spent $17,900 to support Rep. Clay Fuller’s campaign in Georgia. Since then, it has given $560,000 to a Kentucky super PAC and paid other consulting fees, according to FEC filings through the end of May.
Meanwhile, polling has repeatedly shown significant disapproval for Trump and his policies. Republican candidates have been clamoring for Trump to take action to bring those ratings up – such as more focus on affordability concerns.
Trump has also taken actions that could muddle Republicans’ chances in some races, including his endorsement of Texas Attorney General Ken Paxton over incumbent Sen. John Cornyn, setting up a tough race in November that Republicans worry Democrats could win.
The Waiting Game
James Blair, Trump’s chief political director, said last week the MAGA Inc. money would be spent but wouldn’t telegraph a timeline, amount, or plan for targeting specific states. “I won’t break any news for the president; I won’t specifically say what’s going to be spent. But I will put it to you this way: the president is going to spend substantial resources,” Blair said on a podcast.
A senior White House official said decisions on spending the MAGA Inc. money don’t have to be “made until after the convention,” which is set to start Sept. 9. Donors “may want plans right now, but we all know this is the president’s party and he’s going to make the strategic decisions on how to go about doing that. He’s on his timeline.”
Donor Anxiety
As Washington temperatures spike to 100 degrees and the calendar ticks over to July, some donors are now questioning if the intention is even to spend the money. “There’s this golden promise, and the question is, when you get to the end of the rainbow, is the bucket empty or full?” a GOP donor said.
One person close to the White House called donors’ concerns about whether Trump will actually spend the MAGA Inc. money “well placed.” “I tend to believe he’s not going to spend it on other races and other folks, but I hope I’m wrong,” the person said.
One line of thinking is that the White House is waiting until all the primaries are over to spend. While some states, like Michigan and Wisconsin, have yet to hold their primaries, others, like Texas and Georgia, have entered the general election phase.
The Supreme Court Factor
There was also a lingering Supreme Court decision, announced Tuesday, which struck down limits on coordinated spending between candidates and political parties. Trump hailed the ruling, which strengthens the parties by allowing them to directly support their preferred candidates but could potentially weaken the influence of super PACs like MAGA Inc.
Even without the president’s super PAC money, Democrats were already staring down a substantial disadvantage in party fundraising this midterm cycle. Removing the limit on coordinated spending could further boost Republicans, who tend to get more money from large donors.
Republican Confidence
The Senate Leadership Fund, the super PAC aligned with Senate Majority Leader John Thune, is optimistic Trump will come through with money to help maintain the GOP majority in November. “There is no bigger beneficiary of the Republican House and Senate than President Trump,” SLF executive director Alex Latcham said.
At least one 2024 MAGA Inc. donor said the lack of guidance hasn’t eroded his faith in the team. “Just relax, I’m sure they’ve got a plan. Until they don’t have a plan—they’ve told everyone, we have a plan,” the donor said. “I don’t think the party is going to have a bad plan in terms of spending the money. You have to have trust.”
The Bottom Line
Trump’s MAGA Inc. super PAC is sitting on over $350 million as Republicans demand spending before the midterms. The PAC hasn’t spent directly on a race since March, and donors are growing anxious. The White House says spending decisions will be made on Trump’s timeline. Republicans are banking on the money to boost vulnerable Senate and House candidates, but a clear roadmap has yet to emerge.
