Trump's 'massive war chest' remains unmatched — even as his popularity dives

With the United States' 2026 midterms a little over nine months away, President Donald Trump's low approval ratings are a major source of anxiety for GOP strategists. And a series of Democratic election victories has them worried as well.

The latest came on Saturday night, January 30 in a special election for a Texas State Senate seat in the Ft. Worth suburbs. Donald Trump carried that district by 17 percent in 2024, but on January 30, Democratic nominee Taylor Rehmet defeated Republican Leigh Wambsganss (who Trump endorsed) by 14 percent.

But one thing Trump isn't lacking in the 2026 midterms is a huge political war chest.

In an article published on February 1, Politico's Jessica Piper reports that the amount of money Trump has raised is "unprecedented" in U.S. history.

"Donald Trump's political war chest grew dramatically in the second half of 2025, according to new campaign finance disclosures submitted late Saturday, giving him an unprecedented amount of money for a term-limited president to influence the midterms and beyond," Piper explains. "Trump raised $26 million through his joint fundraising committee in the back half of last year, and another $8 million directly into his leadership PAC. And a super PAC linked to him has more than $300 million in the bank."

Piper continues, "All together, a web of campaign accounts, some of which he controls directly and others under the care of close allies, within the president’s orbit have $375 million in their coffers. The funds far outstrip those of any other political figure — Republican or Democrat — entering 2026, and have no real historical precedent. And Trump could put them to use this year for the midterms, or to shape future elections, even as he cannot run for president again."

According to Piper, Trump "continues to outpace any other Republican in raising money, both from large and small-dollar donors."

"His joint fundraising committee — Trump National Committee, which pools fundraising for a variety of Trump-aligned groups — accounted for 1 in 8 dollars raised on WinRed, the primary Republican online fundraising platform, during the second half of 2025, according to a Politico analysis," Piper reports. "And no super PAC raised even half as much in 2025 as the $289 million from MAGA Inc., the Trump-aligned super PAC that both the president and Vice President J.D. Vance appeared at fundraisers for last year. Trump has given few clues as to how he might put the funds to use."

Piper adds, "Trump National Committee primarily sends funds to the president's leadership PAC, Never Surrender, with a bit of money also going to the Republican National Committee and (Vice President JD) Vance's leadership PAC, Working For Ohio."

Trumps's "massive war chest," according to Piper, makes him a "political force" who is "independent of the traditional party infrastructure."

"The RNC (Republican National Committee) — which derives a significant portion of its fundraising from Trump — had $95 million in the bank at the end of the year, roughly a quarter of what the Trump-linked groups have," Piper observes. "And their rivals at the Democratic National Committee are far worse off — at just over $14 million, while owing more than $17 million in debt."

Read Jessica Piper's full Politico article at this link.