Texas State Representative James Talarico warned that President Trump could face political fallout over close ties to billionaire megadonors and corporate interests. Polls show broad public dissatisfaction with the administration's handling of inflation and affordability, with roughly 60% of Americans expressing concern. Talarico linked big-money influence to recent moves involving Venezuelan oil and criticized a political system he calls corrupt. The White House disputed those claims, blaming prior administrations and pointing to policy gains for Texas.
Trump’s Ties to Billionaire Megadonors Could Be His Downfall, Texas Democrat Warns
James Talarico is facing off against Jasmine Crockett in the Texas Senate Democratic primary. / Getty Images
A Texas Democratic state representative warned that President Donald Trump may face political consequences over his close ties to billionaire megadonors and corporate interests.
James Talarico, 36, who is competing against Jasmine Crockett in the Democratic primary for a U.S. Senate seat, told The Daily Beast that many Republican voters now feel betrayed after Senator John Cornyn backed what Trump called his "big, beautiful" megabill.
"I think they feel conned," Talarico said. "A lot of people who supported Donald Trump believed they were backing a party that promised to lower costs and drain the swamp. Just a year later, they see prices rising, corruption increasing, and little attention to everyday problems facing ordinary Americans."
Public Frustration Over Cost of Living
Recent polls underline widespread dissatisfaction with the administration's economic stewardship. An Economist/YouGov survey conducted Jan. 16–19 found that 61 percent of Americans disapproved of the president's handling of inflation and prices. A New York Times/Siena poll from Jan. 12–17 reported nearly 60 percent of voters were worried about affording essentials such as rent, gasoline and groceries.
Democrats highlighted affordability in last year's campaigns and won several high-profile races after emphasizing cost-of-living concerns. While Trump initially dismissed inflation worries as a "hoax," he has since launched a domestic travel blitz aimed at addressing voters' economic anxieties ahead of the midterms.
Corruption, Big Money, and Foreign Oil
Talarico framed his argument as a fight against "the people at the very top"—billionaires and their political allies. He said the influence of large donors has warped policymaking and that spotlighting those ties is essential to understanding broader political and economic problems.
He pointed to comments the then-candidate made in 2024 encouraging oil industry executives to consider contributing as much as $1 billion to his campaign in exchange for favorable tax and regulatory treatment. "Those executives flooded the president’s campaign coffers with cash," Talarico said.
On foreign oil, the article reports that the administration moved to secure access to Venezuelan crude and subsequently completed what was described as a first sale of Venezuelan oil in a deal with trading firm Vitol. The report notes that a senior Vitol executive, John Addison, has donated to political action committees backing Mr. Trump and met with him in the days before the transaction was finalized.
"We can denounce how reckless and unconstitutional an intervention was," Talarico said of the Venezuela episode. "But unless we name the corruption and recognize big money at the root, we miss the larger story. The politicians and extremism are symptoms—the disease is the system itself."
Administration Response
The White House, when asked for comment, blamed the "economic disaster" on former President Joe Biden. Spokesperson Kush Desai told The Daily Beast that Texans are benefiting from Trump administration policies, citing a secure border, upcoming tax refunds, new factories, and gasoline prices below $2.50 per gallon.
As this story develops, key claims about foreign operations and oil sales remain tied to reporting and statements from political actors; readers should note the article relies on sources and assertions reported by The Daily Beast and on interviews with elected officials.
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