MAGA Inc. Hoards $403M While Texas Race Tightens, Donors Demand Trump Spend
President Donald Trump's super PAC, MAGA Inc., added another $3 million to its war chest in July, pushing its cash on hand to more than $403 million, according to new Federal Election Commission filings. Yet the PAC spent nothing on behalf of Republican candidates last month, and it has made no independent expenditures this year beyond $18,000 on text messages for a Georgia special election in March.
The lack of spending comes as Republican donors and operatives grow increasingly anxious about the Texas Senate race, where GOP nominee Ken Paxton is locked in a dead heat with Democrat James Talarico. Many now say it falls on Trump to open the vault and rescue a candidate he personally pushed into the primary.
Why Texas has become a toss-up race
Trump issued a last-minute endorsement in May for Paxton, a major blow to incumbent Sen. John Cornyn (R-Texas), who had held the seat since 2002 and was widely seen as the safer bet in a historically red state. Paxton now leads Talarico by just one point, according to a recent Emerson College poll.
On Thursday, the nonpartisan Cook Political Report moved the Texas Senate seat from “lean Republican” to “toss-up,” a stunning shift for a state that has not elected a Democrat to statewide office in decades.
Donors: 'You broke it, now you own it'
Half a dozen Republican donors and operatives, speaking on condition of anonymity, told POLITICO that Trump's team bears the responsibility for bankrolling Paxton's campaign.
“The message to Trump world is, 'you broke it, now you own it. You gotta spend some of your money to defend him because we've got bigger fish to fry,'” said one GOP donor.
Another donor echoed that sentiment, noting that Paxton's backers have struggled to “sell” the candidate to Washington's donor crowd, especially after he took out one of the GOP Senate's best fundraisers.
“The general view is that's Trump's responsibility to bankroll, especially since Paxton took out one the GOP Senate's best fundraisers and is currently running a lackadaisical campaign,” said a second GOP donor.
MAGA Inc. stays quiet while polls tighten in Iowa and Texas
For months, Trump allies have insisted the money would flow in time to help Republicans stave off a Democratic wave in 2026. But even as polls tighten in states like Iowa and Texas, the vault remains closed.
“While MAGA Inc is committed to retaining and building the GOP majorities in the House and Senate, we are not in the habit of sharing our battle plans,” said MAGA Inc. spokesperson Alex Pfeiffer.
James Blair, Trump's chief political director, said in June that money would be spent but declined to give a timeline, amount, or target states. Trump himself told Punchbowl News this month that MAGA Inc. will spend in the midterms, adding, “I'm going to help Republicans.”
Where donors want the money to go instead
Republican donors say they would rather focus on winnable races in Michigan, Alaska, Maine, Ohio, Georgia, and North Carolina than pour money into Texas.
- Mike Rogers' open-seat race in Michigan
- Sen. Dan Sullivan's contest in Alaska
- Sen. Susan Collins' re-election in Maine
- Sen. Jon Husted's seat in Ohio
- Flipping Georgia by unseating Democrat Jon Ossoff
- Keeping the open North Carolina Senate seat red
“There's a lot of people that, one, don't really like Paxton at all, they think he'd be a terrible senator or they were loyal to Cornyn - or both,” said a third GOP donor. “This is a situation that we didn't need to spend this money at all. We need it in North Carolina, in Georgia.”
NRSC also skips Texas for now
The National Republican Senatorial Committee is making a similar calculation. The group is spending in eight general election races, and Texas is not one of them, according to a committee official. The NRSC does plan to help set up a joint fundraising committee with Paxton, with any money raised above a certain amount going to the NRSC and other entities.
Even Cornyn is not expected to campaign for Paxton, though he will help other Senate colleagues up for reelection, a person familiar with the senator's plans said.
“The odds are extremely low that he would help Paxton especially because Paxton's team has made no effort to go after Cornyn's voters,” the person added.
What this means for Iowa voters
Iowa, once a reliable red state, has seen its own Senate race tighten in recent polls. While no Iowa race is currently at the same level of concern as Texas, the MAGA Inc. spending freeze could have ripple effects for Republican candidates across the Midwest, including in Iowa's competitive congressional districts.
Republicans still hold a massive cash advantage over Democrats this cycle, but the Texas situation highlights the risks of relying on a single super PAC to fund critical races. For Iowa voters watching the 2026 midterms, the question is whether Trump's team will open the coffers before it's too late.
Frequently asked questions
How much money does MAGA Inc. have?
MAGA Inc. has over $403 million in cash on hand, according to FEC filings released Thursday.
Why hasn't MAGA Inc. spent money on candidates?
MAGA Inc. has not made independent expenditures this year, and officials have not provided a timeline for when spending will begin.
Is the Texas Senate race competitive?
Yes, the Cook Political Report moved the race to “toss-up,” with Paxton leading Talarico by just one point in a recent poll.
Will Trump spend money to help Republicans?
Trump has said he will help Republicans in the midterms, but no specific spending plan has been announced.