Donald Trump’s 2024 reelection campaign has reorganized as a “leadership” political action committee with strict contribution limits, according to Federal Election Committee filings, possibly signaling the second-term president has no plans to challenge constitutional term limits, as some of his opponents fear most.
Donald J. Trump for President 2024 Inc. is now Never Surrender Inc., a change apparently made November 12, soon after Trump defeated Democrat Kamala Harris to secure his return to the White House. Trump converting his GOP campaign committee to a leadership PAC could quiet concerns among Democrats—and some Republicans—that he is entertaining calls from his most ardent supporters to pursue sidestepping the 22nd Amendment, which prohibits presidents from being elected to more than two terms.
“Donald Trump and some Republican leaders have alluded to a third Trump term, with even Republican Congressman Andy Ogles floating an amendment to the Constitution,” Jeff Brauer, political science professor at Keystone College, near Scranton, Pennsylvania, told The Dispatch. Indeed, Trump last week seemed to joke during a speech to a gathering of House Republicans in Florida that he had not closed the door on a 2028 reelection bid. “I’ve raised a lot of money for the next race that I assume I can’t use for myself. But I’m not 100 percent sure because—I think I’m not allowed to run again. I’m not sure,” the president said.
But Brauer said the political committee’s reorganization, Trump’s age—he turns 79 in June—and the breakneck pace of his executive actions strongly suggest the president doesn’t intend to challenge term limits. “It seems likely Trump is more interested in keeping his populist movement going strong into the future rather than running for office again,” he emphasized.
Trump raised nearly $496 million for his third presidential campaign during the two-year, 2024 election cycle ending December 31, and the operation entered 2025 with more than $27.4 million in cash on hand to spend on political activity, according to disclosures submitted to the FEC last Friday. Meanwhile, FEC filings show that Never Surrender Inc. had receipts of just under $21 million for the period beginning November 26 through December 31.
Now constituted as what is colloquially known in Washington, D.C., as an “L-PAC,” Never Surrender Inc. is permitted to raise just $5,000 annually from individual donors and other leadership PACs, or $10,000 per federal election cycle. That’s better than the $3,500 per-contributor cap (for primary and general election contests) Trump’s former campaign committee was subject to previously, but a far cry from the unlimited donations allowable for super PACs.
“Trump entities are still being actively raised into, to help those that promote and support the president’s agenda,” a Republican operative in Washington, D.C., told The Dispatch, requesting anonymity to discuss Trump and his political activities. “I also think we will see on their end of year report if the campaign is in any debt. That could also be why.”
As it happens, debts owed by Never Surrender Inc.—formerly Donald J. Trump for President 2024 Inc.—totaled a hair over $11.3 million.
Inquiries with the White House and the treasurer for Never Surrender Inc. went unanswered.
As The Dispatch previously reported, Trump aims to play a major role in steering the Republican Party’s future, beginning with the 2026 midterm elections. He’s been fundraising aggressively, with email appeals to small, grassroots donors issued several times daily—both before and since his January 20 inauguration, and a lot of this money could find its way into the campaigns of Republican candidates and incumbents in 2026. It might even be used to cover any of the president’s outstanding legal bills, as the Huffington Post reported in early November.
For instance, Trump recently invited grassroots donors who give in small dollar amounts to buy an “I Love Trump” coffee mug; to participate (via a donation) in “the official MAGA census”; and to “leave” a Valentine’s Day greeting for Trump by clicking a link that facilitates online donations.
From Friday through Monday, for example, Trump and his outside political team issued at least two dozen such email missives, almost all to raise money for Trump National Committee, a joint fundraising committee. Per the legal disclaimer notice at the bottom of each of these email fundraising appeals, contributions are split between Donald J. Trump for President 2024 Inc. (now Never Surrender Inc. leadership PAC) and the Republican National Committee.
Republican strategists expect Trump to use this money to reward GOP allies in Congress running for reelection in 2026—and those seeking election to the House and Senate, as well as governors’ mansions. Doing so offers the president leverage to further his agenda on Capitol Hill and stave off lame-duck status as long as possible during his final four years in office. In any event, the president’s support is so coveted in Republican primaries, that if he wasn’t raising money and doling it out, others would likely do so in his name.
“If they aren’t raising money for themselves, someone else will raise it using their name,” a Republican insider said. “Even if you intend to give it to others, why let anyone have any ability to get in the way of what you want to do.”
