John T. Bennett, national security and foreign policy correspondent for U.S. News & World Report, says that U.S. defense contractors are ignoring the presidential race and pouring millions into Congressional campaigns.
Why? Remember sequestration? The looming fiscal cliff? Remember a year ago when Congress and the administration agreed to automatic spending cuts and tax increases as part of the debt ceiling debate? As things stand now, some $500 billion will be trimmed from defense spending beginning January 2013.
The “big five” are worried and Congress controls their fate. So they have jumped into action. Bennett reports:
The top arms manufacturers have responded by filling McKeon's campaign coffers. Lockheed Martin has contributed $64,250 to McKeon, with Northrop Grumman donating $50,500 and Boeing giving $31,750, according to the Center for Responsive Politics.
Read the full report: Defense Firms Ignore Presidential Fight, Pour Millions Into Congressional Races
One last thought.
Because of campaign contribution reporting requirements, we know how much money "the big five" give to the presidential and congressional candidates. What we don't know -- and this is the footnote that will have to be attached to each and every election financing story -- is how much these corporations and their CEOs have given to super-PACs. Thanks Citizens United.