WASHINGTON (AP) — Between a barrage of executive orders, foreign trips and norm-shattering proclamations, Donald Trump has also been busy raking in cash.
The president has amassed a war chest of at least $600 million in political donations heading into the midterm elections, according to three people familiar with the matter. It’s an unprecedented sum in modern politics, particularly for a lame-duck president who is barred by the U.S. Constitution from running again.
Trump is keeping an aggressive fundraising schedule with the ultimate goal of raising $1 billion or more to back his agenda and hold the House and Senate next November, according to the people, who spoke on condition of anonymity to share internal details of the fundraising efforts.
The preoccupation with fundraising might seem highly unusual for a president who was notably averse to dialing for dollars when he first ran. But according to people familiar with his thinking, it makes perfect sense: By amassing money, Trump amasses power.
Trump is eager to reverse the tide of Democrats routinely outraising GOP candidates and wants to maximize his own impact as president. Any money left over after his term could help him maintain enormous influence over the Republican Party, cementing his status as its most influential kingmaker — and potential patron — through 2028 and beyond.
“It’s leverage,” said Marc Short, who served as Trump’s director of legislative affairs during his first term and later as Vice President Mike Pence’s chief of staff. “It’s a reflection of the power that he still holds.”
Inside Trump’s money operation
The day after winning November’s election, Trump began calling top staff with a surprising plan, according to two people with knowledge of the conversations. He wanted to start raising money again, immediately, not just for the transition and his inauguration, but for political committees that would demonstrate his clout throughout his second term.
Trump made calls to donors himself. One of the people described the message as “double up.” If a donor had given $1 million before the election, Trump wanted another $1 million now.
People in Trump’s orbit describe him as someone with a strong sense of timing, and he knew that his influence was at its peak right after winning his comeback campaign. He had yet to make any personnel or policy decisions that could alienate key constituencies, and there was no shortage of people who wanted to get on board with the victorious team.
He has continued raising money at a rapid pace while president, headlining a series of high-dollar fundraisers, including a $1.5 million-a-head event on May 5 at the Trump National Golf Club in Virginia for “crypto and AI innovators,” and a pair of “candlelight dinners” at his Mar-a-Lago in Florida on April 4 and March 1.
Democrats and campaign finance watchdogs have long complained about Trump’s blending of official and campaign business. Many of the attendees have potential business before the federal government. But a conservative Supreme Court and Republicans who control Congress have for years weakened campaign finance rules.
The money is spread across a number of different committees, including MAGA Inc., Trump’s longtime super PAC, and Securing American Greatness, a nonprofit 501(c)(4) that earlier this month began airing a commercial backing Trump’s economic agenda and encouraging the passage of his tax plan “to get our economy back on track.”
The operation is being overseen by Chris LaCivita, Trump’s 2024 co-campaign manager, and Tony Fabrizio, the president’s longtime pollster. There are also other entities, including Never Surrender, Trump’s renamed leadership PAC, and outside groups like the Elon Musk-backed Building America’s Future, which LaCivita and Fabrizio have also joined as senior advisers.
There’s also the fundraising for Trump’s eventual presidential library and the nearly $240 million raised for his inauguration festivities.
‘I’m going to be very active’
One of the goals of the groups is to back Trump’s agenda and help push his legislative priorities through Congress. Securing American Greatness plans to spend more than $10 million on its ad, which has been airing across the country.
Most, however, is being held in reserve as they prepare to spend big in the 2026 primaries and midterms, with a particular focus on holding and expanding Republicans’ majority in the House. Aides are eyeing advertising, rallies and travel to back favored candidates. They may also challenge incumbent Republicans who have crossed the president or failed to back his agenda.
Trump has made clear that he intends to play an outsized role in next year’s midterm elections and has already begun issuing a flurry of endorsements in races across the country.
In 2018, Republicans lost control of the House in his first term to Democrats who went on to block much of Trump’s agenda and then impeached him twice, first in 2019 over his efforts to pressure Ukraine to investigate former President Joe Biden, and then for his role in the Capitol insurrection after he lost the 2020 election.
Trump, according to people familiar with his thinking, is particularly focused on avoiding another impeachment and maintaining his power through the end of his second term.
“I’m going to be very active,” Trump said of his plans for the midterms in a recent interview on “Meet the Press,” where he noted he’s “raised a lot of money for congressmen and senators that I think are really good people.”
Trump and his aides are aware that the party in power typically loses seats in the midterms. But they hope that by ramping up spending before Democrats, they can break that trend.
“We’re not going to let that be a self-fulfilling prophecy,” Trump said at the annual National Republican Congressional Committee President’s Dinner last month.
He is also using official levers of power against Democrats ahead of the midterms, including with an executive order demanding immediate changes to how elections are run. He ordered the Justice Department to investigate ActBlue, the fundraising platform that has supercharged Democratic campaigns.
Will he follow through?
It remains to be seen how much Trump will ultimately spend on other candidates. The president has a long history of being stingy with his money, choosing instead to wield his influence by bestowing endorsements and staging rallies that energize the Republican base.
In 2022, as Trump prepared to run for president again, Republicans repeatedly griped that he was hoarding money for himself and not spending more on his endorsed candidates.
In the end, MAGA Inc. spent $19 million during the 2022 midterms, mostly opposing Democrats, including $3.4 million targeting now Pennsylvania’s John Fetterman, $3 million opposing Arizona’s Mark Kelly, and $3.4 million against Georgia’s Raphael Warnock. All three won their Senate races against Trump-favored candidates.
That sum was far eclipsed by the $260 million spent by the Congressional Leadership Fund and the $290 million spent by the Senate Leadership Fund, the campaign arms of House and Senate Republicans.
This time around, however, one of the people familiar with his operation said that they would not be surprised if Trump’s groups end up outspending them. Those who think Trump will be more generous say he has little else to do with the cash, even as he muses publicly about trying to run for a third term in defiance of the Constitution’s 22nd Amendment.
Others are more skeptical.
At the National Republican Senate Committee, for instance, staff have emphasized to incumbents that they are expected to build their own professional operations, with sufficient staff and infrastructure, so they won’t need to rely on the president or other outside groups for help.
“I would be shocked if that changes,” said Short, the former Trump and Pence aide. “I don’t think anybody’s sitting there thinking: Maybe he’ll give me some of that.”
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Megerian reported from Washington. Associated Press writer Zeke Miller contributed to this report.
Jill Colvin And Chris Megerian, The Associated Press
