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July 25, 2008 10:39:21 PM CDT

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How the GOP Went Broke

Posted May 15, 08 4:30 PM CDT in Business,  Politics 

(Newser) – The Republican Party has known crises before, but it's always held its own against the Democrats with fundraising prowess. But the GOP finds itself demoralized and impoverished, and seemingly without the funds needed to avoid more losses like the one suffered Tuesday in Mississippi. Politico looks at how the party alienated business and got left behind in a new political landscape.

Two key acts of legislation—the McCain-Feingold "soft money" ban and the Sarbanes-Oxley corporate-crime law—wiped out a $100 million advantage. And the corruption and excesses of the Tom DeLay years turned off business leaders, who started giving more to the Dems. The result: a wholesale political adjustment that one expert said might lead to "one of the worst cycles for Republicans in modern history."

Source Politico

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John McCain in 2001, discussing the passage of the McCain-Feingold campaign finance law.   (AP Photo/Stephan Savoia, File)
Then newly elected Speaker of the House Nancy Pelosi bangs the gavel in the U.S. Capitol in Washington in this Jan. 4, 2007 file photo.   (AP Photo/Susan Walsh, File)
Former House Majority Leader Tom DeLay, R-Texas, leaves the Cannon House Office Building in this Tuesday, April 4, 2006 file photo.   (AP Photo/Haraz N. Ghanbari, FILE)
A combination of new legislation and alienation of business has seen the GOP lose its fundraising advantage.   ((c) orphum)
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campaign fundraising  • Republican Party  • Tom DeLay  • McCain Feingold  • National Republican Congressional Committee  • Sarbanes Oxley  • soft money


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