Democrats now have a huge fund raising advantage over Republicans, with all of the 10 top-giving industries favoring Democrats, according to the Center for Responsive Politics. OpenSecrets.org has a breakdown here. The only industries that still solidly support Republicans are oil/gas and general contractors. This is a dramatic shift from 2006, when Republicans had the edge in six out of the top 10 industries.
Out of the top 30 overall donors, only two—American Bankers Association and Ernst & Young—even lean Republican. The top five (full list here):
- ActBlue - Solidly Democratic
- Goldman Sachs - Strongly Democratic
- Citigroup Inc. - Leans Democratic
- JP Morgan Chase & Co - Strongly Democratic
- AT&T - On the fence
What are donors getting for their generosity? Take private equity firms as an example. Until recently, these firms have traditionally stayed out of politics. The $6.5 they've donated this year is more than they spent in total between 1998 and 2005. And conveniently, the Senate has decide to hold off on considering a bill could double the tax rate on private equity managers' earnings.
Expect more of this to come. Industry leaders sense a big victory for Democrats in 2008, and they're lining up now to get their backs scratched when it happens.
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