Updated

A new campaign-finance filing shows that MAGA Inc., the super PAC aligned with President Trump, entered September with $415.8 million in reserves, indicating that much of the midterm election spending Trump had promised has yet to materialize publicly. The disclosure raises questions about the timing and scale of political spending ahead of the 2026 midterms. The filing adds to broader scrutiny of how major political committees are allocating resources heading into a contentious election cycle, with implications for campaign strategy and market-relevant policy debates in Washington.