Aug 31, 2021 - Politics & Policy

Corporations prepare to lobby against Biden's $3.5 trillion plan

Biden at the podium speaking with Janet Yellen behind him

President Biden speaks about his economic plan in February as Treasury Secretary Janet Yellen listens. Photo: Stefani Reynolds-Pool/Getty Images

Political groups representing some of the biggest corporations in America — including Disney, Pfizer and ExxonMobil — are preparing a massive lobbying campaign against key pieces of President Biden's economic agenda, per the Washington Post.

Why it matters: The lobbying blitz could make passing the $3.5 trillion plan — Biden's signature domestic legislation — even more difficult. It already faces an uphill battle in the Senate where Democrats hold a slim majority and cannot lose a single vote.

Opposition is widespread and coming from many industries, including "drug manufacturers, big banks, tech titans, major retailers and oil-and-gas giants," per the Washington Post.

  • The U.S. Chamber of Commerce is taking on a significant role in lobbying against the legislation.
  • Other opponents include the RATE coalition, which includes Capital One, Disney and FedEx; the Business Roundtable, which has representatives from Apple and Walmart; and PhRMA, which represents the pharmaceutical industry.

Background: This represents a shift for the Chamber, which initially lobbied for the infrastructure bill that passed the Senate in August.

What they're saying: Neil Bradley, the Chamber's executive vice president, criticized the budget bill, saying it "proposes to fundamentally rewrite the rules of the road across virtually every major industrial sector.”

  • Senator Bernie Sanders (I-Vt.), who helped craft the bill, said earlier this summer that the opposition from major corporations is a “sign of the greed that pervades corporate America.”
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