WASHINGTON -- The top-giving corporate political action committees did not hedge their bets in the fall elections despite the narrow division between the GOP and Democrats in Congress.
They favored Republican candidates, 10 to 1.
Of 268 corporate political action committees, or PACs, that donated $100,000 or more to presidential and congressional candidates from January 2003 through the middle of last month, 245 gave most of their contributions to GOP contenders, according to an analysis released yesterday by the nonpartisan Political Money Line, campaign finance tracking service.
Twenty-three corporate PACs made more than half their donations to Democratic candidates, according to the study, based on the most recent campaign finance reports available.
Corporate PACs are financed with limited donations from company employees, who can each give as much as $5,000 per year. In turn, the PACs can donate as much as $5,000 for a primary and another $5,000 for the general election to each federal candidate they support.
No money from the corporation itself can go to congressional or presidential candidates.
Republicans increased their majorities in the Nov. 2 elections.
When new legislators take office in January, the Senate will have 55 Republicans, 44 Democrats, and one Independent.
The House breakdown after the elections is 231 Republicans, 200 Democrats, and one Independent, with three races not yet decided.