Republicans Feel the Brunt As New 'Soft Money' Rules Upend Traditional Giving
By JEANNE CUMMINGS
Staff Reporter of THE WALL STREET JOURNAL
June 7, 2004; Page A3
WASHINGTON -- Republicans are getting a cold shoulder from some of their traditional corporate benefactors, putting them at a fund-raising disadvantage against new, well-financed political organizations touting the Democratic message.
A Wall Street Journal survey of the top 20 corporate donors to national political party committees during the 2002 election cycle found that more than half -- including the likes of Citigroup Inc., Pfizer Inc. and Microsoft Corp. -- are resisting giving big-dollar donations to the new, independent organizations that were created after a 2002 campaign-finance reform law restricted such contributions to the political parties.
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Their attitude sends a signal that a major source of the "soft money" -- the large and unlimited donations to the national parties that long fed the political system -- may have dried up, at least in the short term.
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The corporate coyness could be an unexpected fund-raising boon to Democratic presumptive nominee John Kerry, who is enjoying an extraordinary year of fund raising.
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The Democrats' soft-money base, largely comprising labor unions and wealthy liberals, has responded readily, depositing $40.5 million in new organizations, which are playing a significant role in the presidential campaign. For instance, the Media Fund, an advertising organization founded by former Clinton aide Harold Ickes, has spent $15 million attacking President Bush or defending Mr. Kerry. America Coming Together, a voter-mobilization group headed by labor turnout guru Steve Rosenthal, has spent nearly $20 million enrolling new voters that could neutralize or best the grass-roots work of the Bush-Cheney operation in swing states.
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Write to Jeanne Cummings at jeanne.cummings@wsj.com
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