President Donald Trump’s principal political committee network is moving a large share of its cash into the closing weeks of the 2026 midterm campaign, according to newly filed federal reports.
MAGA Inc. reported $201,020,045.04 in disbursements during September and another $75,508,176.86 from October 1 through October 14. Together, the two Federal Election Commission reports show $276,528,221.90 in disbursements over the six-week period.
The filings provide a clearer picture of the scale and timing of the committee’s activity than campaign-ad estimates alone. They also show why several different numbers may appear in coverage of the midterm spending push: total committee disbursements, transfers to other political committees and advertising reservations are related, but they are not interchangeable.
Major transfers appear in the filings
MAGA Inc.’s September report documents four transfers to No Going Back PAC totaling $150 million: $50 million each on September 1 and September 14, followed by $25 million each on September 24 and September 28. The same report lists a $25 million contribution to Safety & Affordability PAC on September 4.
The pre-general report covering October 1 through October 14 adds two more $25 million transfers to No Going Back PAC, on October 5 and October 13. That brings the transfers to No Going Back PAC shown across the two reports to $200 million.
The recipient committee, No Going Back PAC, is registered with the FEC as an independent expenditure-only committee. Those committees may raise unlimited funds but are legally barred from coordinating their spending with candidates or political parties. A transfer recorded by the sending committee does not by itself show when, where or how the recipient will spend the money.
Cash reserves fell as spending accelerated
MAGA Inc. entered September with a substantial reserve. FEC data through August 31 showed approximately $415.8 million in cash on hand. Its September filing reported about $238.7 million remaining at the end of that month. The October pre-general filing showed roughly $164.3 million in cash on hand as of October 14.
That decline reflects the heavy volume of reported disbursements, but it should not be read as a direct measure of television ads that have already aired. The Associated Press, citing AdImpact, reported more than $256 million in advertising activity linked to the broader push. Advertising trackers often include reservations for future placements, while FEC reports classify payments according to federal reporting rules.
The distinction matters for voters following the money:
- Disbursements include all reported committee spending during the filing period.
- Committee transfers move money to another political organization, which may spend it later.
- Independent expenditures advocate for or against identified federal candidates and are separately reported.
- Ad reservations are commercial tracking estimates and may change before airtime is used.
What comes next
The FEC’s October reporting calendar requires committees to file on different schedules depending on their reporting status and election activity. That means the public record will continue to change as recipient committees disclose how transferred funds were deployed and as late independent expenditures are reported.
For Republicans, the new filings demonstrate that Trump-aligned groups entered the final midterm stretch with the ability to fund competitive races at national scale. They do not, on their own, predict whether that spending will persuade voters or preserve congressional majorities. The next useful evidence will be the recipient committees’ itemized expenditures, the races named in independent-expenditure reports and the final post-election accounting.