LAS VEGAS (AP) — When Vice President JD Vance stepped on stage in Michigan on Monday, it was MAGA Inc. writing the check for the campaign event. It was a rare bit of spending in a battleground state from a powerful political organization that has mostly been missing in action this year.
With just over two months to go before the midterm elections, President Donald Trump is still sitting on most of his colossal war chest, and he's been growing his money pile instead of spending it.
Even though the president and his team insist they'll open their wallet soon, frustrations are growing as Republicans try to maintain control of Congress despite headwinds partially of Trump's own creation. While the president remains the party's best asset in turning out its base, he is historically unpopular, with low marks on his handling of the economy and the ongoing war in Iran that most Americans say was not worth fighting.
The ticking clock narrows Republicans' options because time on the airwaves gets more limited and more expensive as the election draws near.
“Hope springs eternal,” said Republican donor Dan Eberhart, one of many who have been left wondering about the president’s plans.
Texas is a particular issue, especially after Trump helped scandal-plagued state Attorney General Ken Paxton beat incumbent Sen. John Cornyn, turning what was supposed to be a safe Republican seat into a potential toss up.
Democratic nominee James Talarico has dramatically outraised Paxton, bringing in more than $68.5 million to Paxton’s $9 million. Talarico had more than $21.5 million cash on hand at the end of June, versus Paxton’s $1.75 million.
“We need help from the president,” Sen. John Kennedy, a Louisiana Republican, told Fox News over the weekend. “I’m hoping that the president is going to spend $100 or $200 million in Texas, but he hasn’t committed to it yet.”
MAGA Inc. had more than $403 million at the end of July, according to the latest campaign finance filings, having brought in another $3 million over the course of the month and having spent practically nothing. That's more cash than any of the major party committees.
Its only major outlay so far has been in South Carolina, where the group invested nearly $830,000 on a last-minute get-out-the-vote push to help Sen. Darline Graham win the Republican nomination to succeed her late brother Lindsey Graham. The sum included about $774,000 on get-out-the-vote phone calls and $53,500 on text messages.
In the meantime, Trump has continued to raise money.
He headlined a Republican National Committee fundraiser in Texas last Thursday and participated in several MAGA Inc. meetings and a dinner at his golf course in Virginia on Saturday.
The group announced last week that it is planning to hold a series of rallies in battleground states, which started Monday with the Michigan event headlined by Vance.
MAGA Inc. will be spending in competitive races, according to an operative familiar with the group's plans who spoke on condition of anonymity to discuss the yet-to-be-announced investments.
That is expected to include ads highlighting the president and his accomplishments, which he has pushed to focus on despite his low approval ratings, a strategy first reported by The Atlantic.
Some Republican campaign vendors such as advertisers, direct mail companies and canvassing firms were told in August by MAGA Inc. leaders to be ready for action. But they have not been made aware of a comprehensive plan, according to people with knowledge of the situation who requested anonymity to discuss private deliberations.
The delays come with consequences. Advertising rates are much higher at this late date in the campaign than they were in the spring when other organizations reserved airtime.
Indeed, some Republican strategists familiar with the status of the president’s still-developing plans said it is almost certainly too late for outside groups to even purchase advertising in key markets in Texas, where MAGA Inc. was asked by Senate Republican leadership to commit resources.
MAGA Inc. has been testing ads for Paxton, including one criticizing Talarico over rural hospital policy, but the ad has yet to air. People familiar with conversations said it might run online or on digital channels instead of on television.
While super PACs have traditionally spent big on television buys, the group also has other options.
Because the runoff campaign was so brief, the MAGA Inc. team worked to appeal directly to voters who feel loyal to Trump but are less likely to vote in non-presidential elections. Aides have discussed a similar approach in Texas, focused on outreach such as neighborhood canvassing, phone calls and mail specifically targeting those low-propensity voters, according to people with knowledge of the discussions.
Some Republican operatives who otherwise worry about limited time believe such an effort could make a difference as long as MAGA Inc. commits a significant amount of money to the effort.
The president and his team have said the money is coming soon.
“Of course,” Trump said when recently asked by Punchbowl News. “I’m going to help Republicans.”
James Blair, the former White House deputy chief of staff who left to run Trump's midterm operation, has also said money is on its way.
“The president is going to expend substantial resources to win the midterms,” he said in June on “The Sean Spicer Show.” “He cares deeply about the party winning, and anything he can do to support that he’s going to do and is already doing."
But Trump also has incentives to keep much of the money he has amassed.
As a lame-duck president constitutionally barred from running for a third term, maintaining a commanding sum in the bank would help him to continue to wield power. He proved this cycle that he is extremely adept at ousting members he opposes, and Republican candidates could continue traveling to Mar-a-Lago to seek his blessing in the years ahead.
As Trump told Punchbowl News about his campaign cash, “I can spend it on pretty much anything I want."
President Donald Trump smiles during an event about drug prices, in the Oval Office of the White House, Monday, Aug. 31, 2026, in Washington. (AP Photo/Jacquelyn Martin)
