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.”