Corporate PACs betting on Republicans to regain control of Congress
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, 48 percent of the contributions from big business are going to the Democrats.
The shift in political giving represents a calculated gamble by lobbyists and executives overseeing corporate largesse that the Republican Party may regain control of Congress, say GOP fundraisers and political consultants.
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.
The last time corporate PACs made such a dramatic shift to the Republicans was in 1995, after the GOP’s rout of the Democrats in the 1994 midterms. This time, corporations have switched sides before the election.