Trump Says He Will Have Spent Over $400 Million on Midterms by Election Day

President Donald Trump said Tuesday, Oct. 20, that he has spent, or will spend, more than $400 million to help Republicans by Election Day, Nov. 3.

The announcement came in a Truth Social post. "More than 300 Million Dollars has already been spent on Advertising, Direct and Indirect Voter Contact, Rallies, Rally Arenas, Telerallies, Get Out the Vote Programs, Election Integrity, and more," Trump wrote.

He called it "the Most Important Midterm Elections in our Country's History." He also cited "what is taking place in France, and other locations throughout Europe" as part of his reasoning.

The numbers

Trump did not say which of his political groups the figures cover, or whether any of the money is his own. He did not break down the $300 million.

Public records show MAGA Inc., his main super PAC, has spent about $200 million so far, Reuters reported Saturday. The Washington Post reported earlier this month that Trump's super PACs had reserved more than $194 million in advertising, citing the tracker AdImpact.

The Post also reported that Trump had previously said he would spend $400 million to $500 million on the midterms and hold some back for 2028. As of July, the roughly $400 million war chest his super PACs built had gone largely unspent.

The $300 million spent-to-date figure has not been verified.

The other side of the ledger

Democrats are spending too. Former New York City Mayor Michael Bloomberg's team told The New York Times he has spent about $80 million across September and October to help Democratic candidates.

The Post found that roughly half a billion dollars in Republican spending on key House and Senate races since Labor Day has not moved polls in the GOP's favor. Republicans have generally held a funding advantage this cycle but have struggled to turn it into polling leads.

Polling headwinds

A Reuters/Ipsos poll of 1,679 adults, conducted Oct. 16-19, put Trump's approval at 31% and disapproval at 66%, a net rating of -35.

In Maine, where Republican Sen. Susan Collins is defending her seat, 63% of voters disapprove of the president. In Michigan, where Rep. Mike Rogers is running against Democrat Abdul El-Sayed, Trump's disapproval is above 60%.

High gas prices are also weighing on Republicans as they defend their majority.

A national Fox survey last week found 31% of Hispanic voters preferring the Republican candidate, down 12 points from Trump's 2024 support among that group. Fox's election rankings moved Florida's governor's race from Likely Republican to Lean Republican.

How the money got here

The spending announcement follows a dispute over advertising. A few weeks ago, Trump began running taxpayer-funded "public service announcements" on Fox News, CNN and MS NOW.

After pushback, he reversed course. "The Radical Left is upset with the fact that I am taking Ads, which I consider to be a positive promotion for our Great U.S.A., and paying for them with U.S.A. money," he posted on Oct. 5. "I have decided to do the Patriotic Ads, among others, and pay for them myself, and with money I raised for MAGA, Inc."

Trump has been holding rallies in Alabama, Texas, Nebraska, Ohio and elsewhere. He is not on the ballot, but he has gone back and forth on whether voters should treat the election as if he were.

The $5,000 promise

Separately, Trump has floated $5,000 payments to Americans if Republicans keep Congress. The proposal would cost more than $1 trillion and require congressional approval.

Trump has said it could be financed through trade deals, foreign investment commitments, government stakes in private companies and energy agreements. The White House has not publicly detailed how the payments would be structured or modeled their effect on the deficit and inflation. Even some Trump supporters have voiced doubts the checks will materialize.

What comes next

The election is Nov. 3, and early voting has already started in states including Texas. Trump has not said which entities hold the money he is counting toward the $400 million, so the split between MAGA Inc., other committees and any personal funds remains unanswered. Whether $400 million buys a different result than the half-billion already spent since Labor Day will be settled in the final two weeks.