Last week, President Donald Trump’s super PAC revealed that it has an unsettling amount of cash on hand for a president who is, his occasional musings to the contrary notwithstanding, constitutionally ineligible to run for a third term in office. According to a midyear report filed with the Federal Election Commission, MAGA Inc. is sitting on nearly $200 million, a sum that includes a shade over $175 million collected just in the past six months.

Unless collections fall off a cliff in the second half of the year, Trump should enter 2026 with well over a quarter-billion dollars to spend on the midterm elections—a war chest that would make him not only the Republican Party’s unquestioned standard-bearer but also perhaps its deepest-pocketed financier for the foreseeable future.

Many of the

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