Corporate America Launches Blitz vs Biden's $3.5T Economic Plan

A torrent of political groups representing some of the country’s most influential corporations —ExxonMobil, Pfizer, and Walt Disney Co. — is laying the groundwork for a lobbying blitz to stop Congress from enacting significant swaths of President Biden’s $3.5 trillion economic agenda, Tony Romm reported for Washington Post.

Photo Insert: Apart from staunch opposition from the GOP, President Joe Biden's economic plan is receiving a massive pushback from big players of corporate America.

Among the most active is the US Chamber of Commerce, which is in the early stages of putting together an economy-wide coalition to coordinate the fight against the still-forming economic package, including its significant price tag, policy scope, and potential for tax increases.

The Chamber-organized effort could encompass traditional lobbying on Capitol Hill as well as advertising campaigns targeting Democratic lawmakers, according to three people familiar with the matter who requested anonymity to describe the discussions.

The group has been in talks with potential allies such as the National Association of Manufacturers, whose board includes executives from firms such as Dow Inc., Exxon, Caterpillar, and Johnson & Johnson, the sources said.

Other opponents include the Business Roundtable, whose board counts the chief executives from Apple and Walmart. The group similarly is preparing to fight new corporate tax increases, which Democrats hope will fund their vast new spending.

And the pharmaceutical industry broadly has embarked on its own wide-ranging campaign to combat Democrats’ drug pricing proposals, another potential revenue source in the bill. Conservative outfits previously backed by the sector’s top trade group, known as PhRMA, have run recent ads claiming lawmakers’ plans would have worsened the coronavirus pandemic.

The flurry of well-funded political activity only adds to the challenges facing Biden and his congressional allies, as they seek to move one of his signature economic initiatives swiftly through Congress using a process known as reconciliation.

The maneuver allows Democrats particularly in the Senate to bypass a likely Republican filibuster and pass legislation with a simple majority.

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