Donations by corporations shift from right to left
RAW STORY
Published:
Monday June 19, 2006
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A number of large companies are shifting campaign contributions to Democrats, an indication that business leaders feel the minority party is poised to make gains in the November election today's issue of the WALL STREET JOURNAL reports.
One lobbying organization, the Business-Industry Political Action Committee, reported a 30% jump in the funding of Democratic candidates.
Excerpts from the registration-restricted article follow.
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Some big companies are boosting their share of campaign contributions to Democrats this year, a sign that executives may be starting to hedge their political bets after a decade of supporting congressional Republicans.
The shift includes backers of the Republican Party in the insurance, pharmaceuticals and tobacco industries, such as American International Group Inc., Wyeth, and Reynolds American Inc., according to PoliticalMoneyLine, a nonpartisan tracker of campaign contributions.
Most companies say they give political donations to candidates who support their businesses, regardless of party affiliation. But corporations also tend to channel funds to politicians they think will hold power. So any shift in corporate campaign giving toward Democrats could signal that businesses believe Democrats will have more sway in Washington after the 2006 midterm elections or the 2008 presidential contest.
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"Companies understand that the government is run by Republicans, but the kind of draconian arm-twisting that you've had for the last five years is gone now," he said.
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