Corporate PACs now giving to GOP

Ed Morrissey
HotAir.com
5/22/2010

In 2008, corporate PACs donated heavily to Democrats as the political momentum unmistakably swung their way. In 2010, the momentum has shifted enough for the majority of corporate donations to go to Republicans, even though they do not currently hold the majority in Congress as Democrats did in 2008. They’re betting on a big change in the House, the Washington Post reports:

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 article continues at HotAir.com

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.

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