Utah Rep. Jason Chaffetz (R) will hold the first fundraiser for his new leadership political action committee (PAC) this week.

Chaffetz's BudgetHawks.com will hold its first event in Washington, according to the Salt Lake Tribune, although the congressman noted he doesn't expect to raise much money during the holiday season.

When setting up the new PAC, which can support other candidates, Chaffetz said it was about teamwork.

"Congress is a team sport, and I want to do everything I can to help my fellow Republicans," Chaffetz recently told The Ballot Box. "I was actually amazed that [the domain name] BudgetHawks.com was available."

But many observers consider the move a sign that Chaffetz will challenge Sen. Orrin Hatch (R-Utah) in 2012.

"He's a good senator, he's a conservative senator," Chaffetz said of Hatch. "I still might run against him."

— Shane D'Aprile contributed to this post.