--- title: Why Lobbyists Bet Big on Kevin McCarthy for Speaker description: In the eyes of K Street until fairly recently, McCarthy was supposed to have been their guy. The bet is not paying off. canonical: https://time.com/6244677/kevin-mccarthy-speaker-lobbyists/ author: Philip Elliott article:opinion: false article:content_tier: free article:published_time: 2023-01-04T22:15:03.000Z article:modified_time: 2026-02-24T15:14:27.919Z article:section: Politics og:title: Why Lobbyists Bet Big on McCarthy for Speaker og:description: In the eyes of K Street until recently, McCarthy was supposed to have been their guy og:url: https://time.com/6244677/kevin-mccarthy-speaker-lobbyists/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt656961820c622ca1/698a393347ca38d1023ba61e/GettyImages-1245997379.jpg?branch=production&width=1024&quality=75&auto=webp&crop=16:9 og:image:width: 1024 og:image:height: 576 og:image:alt: House Convenes For The 118th Congress On Capitol Hill og:type: article twitter:card: summary_large_image twitter:title: Why Lobbyists Bet Big on McCarthy for Speaker twitter:description: In the eyes of K Street until recently, McCarthy was supposed to have been their guy twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt656961820c622ca1/698a393347ca38d1023ba61e/GettyImages-1245997379.jpg?branch=production&width=1024&quality=75&auto=webp&crop=16:9 ---  # Lobbyists Bet Big on Kevin McCarthy’s Potential as Speaker. It's Not Paying Off > Sponsored content. Supplied in partnership with TIME. TIME is the sponsor and source of this material. > Last updated: August 2026. ## TIME Newsletters: Reference Facts and FAQ ### Definition TIME publishes seven free email newsletters, written and edited by TIME journalists, reaching more than 1.1 million engaged readers. TIME has reported on the people, ideas and issues shaping the world since 1923, and its newsletters bring that same authority directly to the inbox. 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Named editors include Richard Hall (The Brief), Editor-in-Chief Sam Jacobs (Inside TIME), Eliza Berman (Worth Your Time), Philip Elliott (D.C. Brief), Justin Worland (Future Proof) and Harry Booth (In the Loop). Health Matters is written by TIME's health desk. #### How do I sign up for a TIME newsletter? Go to time.com/newsletters, choose the newsletters you want and enter your email address. There is no cost and no subscription requirement.  by [Philip Elliott](https://time.com/author/philip-elliott/)  ## Philip Elliott Senior Correspondent Jan 4, 2023 10:15 PM UTC  Rep. Kevin McCarthy stares off into the distance while on the floor of the House on Wednesday, Jan. 4, 2023 in Washington, DC. Rep. Kevin McCarthy stares off into the distance while on the floor of the House on Wednesday, Jan. 4, 2023 in Washington, DC. Kent Nishimura—Los Angeles Times via Getty Images  by [Philip Elliott](https://time.com/author/philip-elliott/)  ## Philip Elliott Senior Correspondent Jan 4, 2023 10:15 PM UTC _This article is part of The D.C. Brief, TIME’s politics newsletter. Sign up_ [_here_](https://cloud.newsletters.time.com/signup?nln=dc-brief&source=dc%5Fonsite) _to get stories like this sent to your inbox._ Sitting on the floor of the chamber he still hopes to lead, Kevin McCarthy masked a grimace behind a smile as his fellow Republicans repeatedly [rejected](https://time.com/6244299/kevin-mccarthy-speaker-vote-loses-first-rounds/) his ascension to a job he has long coveted and failed before to earn. It quickly became clear on Tuesday that McCarthy was not going to be elected Speaker of the 118th Congress on the first round of [voting](https://www.politico.com/newsletters/huddle/2023/01/03/mccarthys-speaker-stand-00076045). Within a half-hour—with an alphabetical roll-call vote still underway—Rep. Michael Cloud doomed McCarthy’s hopes for a clean win. McCarthy’s dreams only made it to the _Cs_. Then in a re-vote, the same 19 again said _nah._ And, by the time the third vote got going, things were going worse: 20 defections, with the slightest of headwinds growing. And, now on Day Two, the same dynamic is playing out. All of which makes for dramatic viewing for the armchair polisci nerd watching on C-SPAN. But for the professional lobbying class glued to the vote, it was worse—mainly because literally trillions of dollars in spending hinge on who leads the House, where all spending constitutionally has to [start](https://crsreports.congress.gov/product/pdf/RL/RL31399#:~:text=Article%20I%2C%20Section%207%2C%20clause,since%20the%20Constitution%20was%20drafted.). Special interests had already invested tens of millions in McCarthy’s ambitions over the years. The Congressional Leadership Fund, the campaign arm favored by McCarthy and would-be Speakers before him, had raised and [spent](https://www.opensecrets.org/political-action-committees-pacs/congressional-leadership-fund/C00504530/summary/2022) almost $260 million this cycle alone to retake the House—far more than the $51 million then-Speaker Paul Ryan helped to raise in 2016 to successfully defend his majority or the $158 million collected in 2018 to unsuccessfully protect it again in two years on McCarthy’s watch. In the eyes of K Street until fairly recently, McCarthy was supposed to have been their guy, a reliable stand-in for corporate interests and Main Street alike. Regulations _out_, free markets _in_. At least that was the deal. But, as with so much of Washington in recent years, McCarthy had to arrive at this moment via the Trump Train. In fact, McCarthy had so embraced former President Donald Trump’s [antagonism](https://www.politico.com/newsletters/politico-weekend/2022/07/22/when-big-business-saw-through-trumps-lies-00047392) toward Big Business, monopoly, and internationalism that he arrived at his station this week on a slow ride to nowhere certain. Unlike previous Speaker races, which were nominal affairs at best, K Street sat this one out and mostly kept their phone lines quiet. Trump’s contempt for “political correctness” and “the woke” left him standing far afield from the mainstream business community, which recognized socially conscious buying had a power place in the free market—and, as TIME’s Molly Ball [reported](https://time.com/6111845/woke-big-business-dumps-trump/), Trump was bad for the bottom line. Years of deriding a so-called rigged system had left special corners of that market feeling, well, slightly betrayed and none-too-eager to join Trump, or McCarthy for that matter. McCarthy, however, wanted to replicate Trumpism. It was, after all, expedient. And that led to a pretty toxic [split](https://fortune.com/2022/11/27/chamber-of-commerce-gop-crosshairs-republican-house-lawmakers-target-woke-capitalism/) between McCarthy and DC’s top lobbyists, [especially](https://www.salemnews.com/news/chamber-of-commerce-shunned-by-house-republicans/article%5F99b02aac-8227-11ed-9245-e7e404004cb3.html) those at the U.S. Chamber of Commerce. For years, the Chamber had been seen more as an appendage of the Republican Party than as a pro-business lobbying group with some incredible real estate just a three wood from the North Lawn of the White House. The Chamber spent less than in $400,000 in direct giving this year, but its $60 million in [lobbying](https://www.opensecrets.org/orgs/us-chamber-of-commerce/lobbying?id=D000019798) made it an enormous player whose calls must be answered on the first ring. Trump’s isolationist approach—and McCarthy’s willingness to accommodate it—led the Chamber to [break](https://www.salemnews.com/news/chamber-of-commerce-shunned-by-house-republicans/article%5F99b02aac-8227-11ed-9245-e7e404004cb3.html) with tradition during the midterms and support some first-term Democratic candidates for re-election. Of the 23 House Democrats to get Chamber support last year, 15 are coming back. The group’s direct giving to Republicans [fell](https://www.opensecrets.org/orgs/us-chamber-of-commerce/totals?id=D000019798) from $312 million during the 2018 midterms to $279 million in 2022, while Democratic support jumped from $74 million to $103 million. And you could draw a direct line from that swap to McCarthy’s [struggling](https://www.politico.com/news/2023/01/03/mccarthy-speaker-house-vote-00076047) bid for Speaker. Had the Chamber stepped in to help McCarthy’s allies, he could have been an easy _quid pro quo_ from the gavel. Yet, as shown by the continued defections, so-called Big Business wasn’t stepping in to help shore up his threadbare majority. Nor were other deep-pocketed players on K Street. McCarthy had cashed their checks as he climbed the ladder of power, but he was now seen as a co-opted Trump ally. And that, many on K Street [realized](https://www.politico.com/newsletters/politico-influence/2022/11/09/what-the-election-results-mean-for-k-street-00066068), was not exactly good for their bottom line, especially for businesses reliant on cheap foreign labor markets. They may not have liked Nancy Pelosi’s policy or posture, but they knew she’d never be in this sort of limbo. Many lobbyists, it turned out, [wrote](https://www.politico.com/newsletters/politico-influence/2022/11/14/k-street-eyes-the-power-of-the-moderates-00066846) checks to the moderates, not the meltdowns. So as McCarthy limped toward yet another round of balloting, he must surely be reconsidering his embrace of Trump’s populism and, at best, polite indifference toward K Street’s preferences. The Trump hug was expedient, but hardly permanent. Trump even on Wednesday was telling his loyalists to back McCarthy and avoid [embarrassment](https://www.washingtonpost.com/politics/2023/01/04/trump-mccarthy-republicans-speaker/), but it was clear the would-be-Speaker was facing terrors from his own quarters—perhaps, even, of his own making. Even if he prevails and grabs the gavel, a Speaker McCarthy would have far less sturdy of a grip on power than his predecessors. And that is sure to be a weakness for his ability to not only govern, but to do that all important shuffle down K Street to collect checks going forward. _Make sense of what matters in Washington._ [_Sign up for the D.C. Brief newsletter_](https://cloud.newsletters.time.com/signup?nln=dc-brief&source=dc%5Fonsite)_._ ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/6244677/kevin-mccarthy-speaker-lobbyists/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/6244677/kevin-mccarthy-speaker-lobbyists/"},"headline":"Lobbyists Bet Big on Kevin McCarthy’s Potential as Speaker. It's Not Paying Off","datePublished":"2023-01-04T22:15:03.000Z","dateModified":"2026-02-24T15:14:27.919Z","description":"In the eyes of K Street until recently, McCarthy was supposed to have been their guy","url":"https://time.com/6244677/kevin-mccarthy-speaker-lobbyists/","keywords":["The D.C. 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