Trump’s MAGA Inc. is sitting on $350M. Republicans want to see it.

President Donald Trump is trying to boost Republicans' midterm prospects by branding Democrats as communists, implementing a fragile truce with Iran, and touting plummeting gasoline prices.

But some Republicans wish he would just spend the over $350 million sitting in his war chest, the MAGA Inc. super PAC.

"We didn't leave our most powerful missiles on the ships when we were trying to crush Iran. Money is the political equivalent in politics. The electorate's mindset on the economy is normally locked in stone by Labor Day after a summer of backyard conversations and paying for summer vacation gas," said a GOP lobbyist and donor, who like others in this report was granted anonymity to speak freely. "Now is the time to sell the message – America 250, the world loves America, the Democrats are crazy left again, and we sealed the border."

MAGA Inc., hasn't spent directly on a race since March, when it spent $17,900.88 to support Rep. Clay Fuller's campaign for his House seat in Georgia. Since then, it gave $560,000 to MAGA KY, which was spending to support Rep. Thomas Massie's (R-Ky.) challenger, who won, and it has paid other fees like for consulting, according to FEC filings, which account for spending through the end of May.

Polling has repeatedly shown significant disapproval for Trump and his policies, and Republican candidates have been clamoring for Trump to take action to bring those ratings up – such as more of a focus on affordability concerns. In addition, Trump has taken actions that could muddle Republicans' chances in some races, like the GOP Senate primary in Texas.

Trump's endorsement of Texas attorney general Ken Paxton over incumbent Sen. John Cornyn in that race set Paxton up for a tough race in November and one that Republicans worry Democrats could win.

He also refused to hold a big victory lap signing for a housing bill that would tackle a huge Republican vulnerability – affordability – in order to pressure Congress to pass an election integrity bill. And he called on Congress to end birthright citizenship after the Supreme Court ruled to keep it. The GOP-controlled Senate doesn't have enough votes to pass either of the president's priorities.

But Trump has enough money to pour into ads to counteract any of that – if he's willing to spend it, some Republicans say.

"What makes you think they're going to spend? We've been waiting for the cavalry," said Matthew Bartlett, Republican strategist and former Trump appointee to the State Department in the first administration. "Every day matters about shaping sentiment and ideas, and when you have limited time, you should be attacking that early. So the notion of waiting is just inherently concerning …but even more of like, are you even actually going to be playing?"

While super PACs are supposed to operate independently, candidates, including Trump, often have significant sway over the organizations.

James Blair, Trump's chief political director, said last week the MAGA Inc., money would be spent but wouldn't telegraph a timeline, amount, or plan for targeting specific states.

"I always like to say I won't break any news for the president, I won't specifically say what's going to be spent. But I will put it to you this way, the president is going to spend substantial resources," Blair said on the Sean Spicer podcast. Blair said "we'll see" when asked if the money would be spent in July, but suggested action would be "very soon."

"Despite Politico's best efforts MAGA Inc. has not changed its policy of declining to disclose its strategy to the press," said MAGA Inc. spokesperson Alex Pfeiffer.

A senior White House official said decisions on spending the MAGA Inc. money don't have to be "made until after the convention," which isset to start Sept. 9.

Angsty donors, the official added, "may want plans right now, but we all know this is the president's party and he's going to make the strategic decisions on how to go about doing that. He's on his timeline."

And though Republican donors didn't panic through much of the spring – indeed, in May several told POLITICO they hoped a roadmap for spending would come soon, but that "mild panic" wouldn't set in unless there is no action by the summer.

As Washington temperatures spike to 100 degrees and the calendar ticks over to July, some of those donors are now questioning if the intention is even to spend the money.

"There's this golden promise and the question is, when you get to the end of the rainbow, is the bucket empty or full?" a GOP donor said.

Republicans have been banking on the prospect of Trump spreading the millions in MAGA Inc. around the country to boost vulnerable Senate and House Republicans. But until they see a clear roadmap, Republican candidates and campaigns are going to feel uncertainty.

"Especially to defend seats like Texas that they clearly put us in a tougher position than it would be with Cornyn," said a former Trump official.

One person close to the White House called donors' concerns about whether Trump will actually spend the MAGA Inc. money "well placed."

"I tend to believe he's not going to spend it on other races and other folks, but I hope I'm wrong," the person said.

One line of thinking, according to two people granted anonymity to discuss conversations, is that the White House is waiting until all the primaries are over to spend. And while some states, like Michigan and Wisconsin, have yet to hold their primaries, others like Texas and Georgia have entered the general election phase.

"I think in many ways the plan is still in formation," said one of those people, who is close to the White House. "They're going to be pressured to be as transparent about where the money's going so I think a lot of those conversations will happen internally."

There was also a lingering Supreme Court decision, which was announced Tuesday. The high courtstruck down limits on coordinated spending between candidates and political parties. Trump hailed the ruling, which strengthens the parties by allowing them to directly support their preferred candidates but could potentially weaken the influence of super PACs, like MAGA Inc.

Even without the president's super PAC money, Democrats were already staring down a substantial disadvantage in party fundraising this midterm cycle and removing the limit on coordinated spending could further boost Republicans who tend to get more money from large donors.

"If Republicans are to defy political gravity and avoid a result along the lines of 2018, they need all the resources they can get as soon as possible," said former Rep. Carlos Curbelo (R-Fla.). "While Democrats are not in a robust financial position, Republicans will need to turn out their base and persuade swing voters against the current. That takes a lot of money."

While the Republican National Committee has $125.5 million cash on hand as of the end of May – its highest ever month-end amount – GOP candidates are still eyeing the MAGA money.

That and other spigots of cash gives confidence to some Republicans.

"I don't imagine there's a single key race in the country where there won't be a gajillion dollars spent on both sides," said Mark Graul, a Wisconsin-based GOP strategist. "So I don't think lack of funding is going to be a big problem for the critical congressional races."

The Senate Leadership Fund, the super PAC aligned with Senate Majority Leader John Thune, is optimistic Trump will come through with money to help maintain the GOP majority in November.

"There is no bigger beneficiary of the Republican House and Senate than President Trump" SLF executive director Alex Latcham said.

At least one 2024 MAGA Inc. donor said the lack of guidance hasn't eroded his faith in the team.

"Just relax, I'm sure they've got a plan. Until they don't have a plan—they've told everyone, we have a plan," the donor said. "I don't think the party is going to have a bad plan in terms of spending the money. You have to have trust."

"I don't know what they're doing with the money," the donor added, "but unless I hear otherwise, they're probably not in the Cayman Islands partying it out."

Megan Messerly and Jessica Piper contributed to this report.