Democrats' plan to ram through a massive multi-trillion dollar spending package on a bare majority vote may have hit a snag. A powerful group of corporations and industry groups have launched a lobbying blitz against the $3.5 trillion "human infrastructure" package. Among the companies represented by these groups are Disney, ExxonMobil, Pfizer, Apple and Walmart. The effort includes new ads opposing various aspects of the legislation and targeting swing district lawmakers. "I think seeing many of these businesses coming out against this package, is going to bring a lot of attention to whether or not this can actually pass," says Vance Ginn, chief economist for the Texas Public Policy Foundation.
Ginn tells KTRH these corporations have good reason to oppose the bill. "I think we're seeing businesses realize that in order to pay for this, they're going to have to substantially raise taxes, including the corporate tax rate going from 21 to 28 percent," he says. "That would reduce our competitive nature with other countries around the globe."
"I think given this non-competitive action, that the bill should be rejected," Ginn continues. "And many businesses are now lining up on board to rejecting this package."
Democrats are scheduled to vote on the bill September 27, but because they are trying to pass with a simple majority, they can't afford to lose any votes. That could prove tricky, if public sentiment against the bill sways moderate Democrats between now and then. "I think it's a slim margin (on public opinion) anyway," says Ginn. "A lot of voters already see this as a huge tax hike and a lot of excess spending, at a time when the economy is already coming back."
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