Friday, May 21, 2010

Corporate PACs betting on Republicans to regain control of Congress

All this points to is the fact that big business supports whoever does their bidding. And both parties have taken turns serving their corporate masters:

Corporate America is gambling on the minority in its political giving this year, assuming that Republicans will win big in the November midterm elections, an analysis of campaign finance reports shows.

The pattern represents a distinct change from a year ago, when President Obama was sworn into office. Back then, corporate political action committees made a shift to the Democrats, giving 58 percent of their donations to the party. So far this year, only 48 percent of the contributions from big business are going to the Democrats.

The shift in political giving represents a calculated gamble that Republicans may regain control of Congress, GOP fundraisers and political consultants say. It also breaks a recent pattern in which lobbyists and executives overseeing corporate largesse gave more tothe party in power.

Many other political winds have shifted behind Republicans in recent months, but the swing in money from corporate PACs is unusual. Corporations often give campaign contributions while seeking access and favor with incumbent lawmakers in position to shape legislation -- meaning they gravitate to the party in power.

No comments: