Trump says his super PAC will 'spend whatever amount of money necessary' on midterm elections

President Donald Trump.

President Trump said Friday that he's opening up his super PAC's checkbook in a big way for the sprint from Labor Day to the midterm elections in November.

Trump told reporters during a question-and-answer session in the Oval Office that he's already begun spending, and more was on the way. "I'm going to spend whatever amount of money necessary to try and help us," Trump said, adding that the total number could be upwards of $400 million to $500 million. 

"This is money from MAGA, Inc," the president said, referring to his super PAC, which has amassed a massive war chest. Trump said MAGA, Inc. has about $1 billion in cash on hand. "This is my money that I control, this is separate from the RNC."

Trump acknowledged Republicans face an uphill battle. "History has said that the sitting president, Republican or Democrat" has more often than not lost control of either the House or Senate in the first midterm election following a presidential elections. "We're going to spend a lot of money because we don't want to lose our country," Trump declared. "I'm going to help a lot of the congressman and senators that need help."

Republicans may face an uphill battle with history, but Democrats face a colossal fundraising deficit heading into the midterm sprint. As of the end of July, the last month for which campaign filing reports are available, the DNC had $16 million of cash on hand, and was carrying $17.9 million in debt. The RNC, on the other hand, had $130 million in the bank. In July alone, Republican fundraising more than doubled Democrats' fundraising, with the GOP raking in $19 million over the month while Democrats managed to raise $9 million.

Watch a highlight of Trump's remarks below.