Politics
K Street rakes in record cash thanks to Trump
The first six months of President Donald Trump’s term have produced a cash cow of historic magnitude for the lobbying industry, with record-breaking demand for help navigating the administration’s constant stream of policy pronouncements — or trying to avoid becoming a pay-for in the GOP’s megabill.
The result is a new set of power brokerse in Trump’s swamp. Firms with strong ties to the White House have skyrocketed to the top of the pecking order of lobbying outfits in town, according to a Blue Light News analysis of the latest quarterly lobbying disclosures filed this week.
No firm has benefitted more than Ballard Partners, which is led by Trump fundraiser Brian Ballard. The firm previously employed White House chief of staff Susie Wiles and Attorney General Pam Bondi. Ballard brought in $20.6 million in lobbying revenues during the second quarter of the year from clients including Palantir, American Express, TikTok, Ripple Labs and UnitedHealth. Its haul is more than four times what the firm brought in during the second quarter of 2024.
But the gusher has benefited the entire lobbying industry, new firms and old, the analysis shows. Of the top 20 firms by revenue, only two saw their lobbying revenues decline last quarter compared to the same time a year ago. The lobbying figures reported this week don’t include revenue from public affairs or consulting work, or foreign agent work.
“The number of people who feel they need representation at this point is huge, and we’re really just getting into sort of the day-to-day of governing,” said Rich Gold, who heads up the public policy and regulation group at law and lobbying firm Holland & Knight. Gold’s firm, which ranked fifth among the top earners on K Street last quarter with $13.8 million in revenue, signed 57 new clients during the first half of the year, a record intake for the firm.
“The largest driver of business right now is the overarching trend of uncertainty and the need for C-suites to try to minimize uncertainty and political risk as much as possible,” he said. While specific legislation like the recently signed One Big Beautiful Bill Act has certainly drummed up lobbying business, “the number of people who needed political intelligence work and advocacy” in D.C. this year stretches far beyond that one law, Gold said.
As for Ballard, its blowout earnings were enough to dethrone Brownstein Hyatt Farber Schreck, which has topped the quarterly revenue rankings since 2021. Brownstein reported $18.5 million in lobbying revenues during Q2, setting the firm’s own quarterly record.
Ballard’s Trump-linked competitors are also cashing in. Miller Strategies, which is run by top GOP fundraiser Jeff Miller and employs several former Trump administration alumni, brought in nearly $13 million during the second quarter from clients like Zoom, OpenAI, Apple, Softbank, Crypto.com and Blackstone. That’s up almost 80 percent from the beginning of the year, and four times what it brought in during the second quarter of 2024.
Continental Strategy, whose staff includes former Trump appointee Carlos Trujillo as well as a former top aide to then Sen. Marco Rubio, reported $6.5 million in lobbying revenues last quarter, making it the 15th biggest firm by lobbying revenue in Q2. During the same time last year, Continental reported just $292,000 in lobbying fees.
Another firm that found itself knocking at the doorstep of D.C.’s most prestigious lobbying shops didn’t even exist in the nation’s capital a year ago.
North Carolina-based Checkmate Government Relations, which announced plans to open a D.C. office in December, brought in $4.5 million in lobbying fees in Q2, more than quadruple the $910,000 it reported at the beginning of 2025. Among its clients were Eli Lilly, Novo Nordisk, UNC Chapel Hill, General Dynamics and Juul.
Checkmate’s president, Ches McDowell, is a hunting buddy of Donald Trump Jr. and the brother of freshman Rep. Addison McDowell (R-N.C.). The firm also employs the son of Trump’s co-campaign manager and the nephew of Trump’s HHS secretary.
BGR Group, a bipartisan but Republican-heavy firm whose alumni include Transportation Secretary Sean Duffy, posted its best quarter in its 35-year existence, said Loren Monroe, the co-head of the firm’s lobbying group.
BGR’s lobbyists include Trump adviser David Urban as well as Florida powerbroker Nick Iarossi, and the firm reported $17.7 million in lobbying fees in Q2 — which was third overall and marked a nearly 60 percent increase from the same time last year.
Mercury Public Affairs also posted a banner quarter, raking in almost $6.5 million from April through June, compared to $3.2 million in Q2 of 2024. Wiles served as a co-chair at the K Street mainstay before joining the White House this year, and the bipartisan firm also employs former Trump adviser Bryan Lanza, who’s signed dozens of new clients since the election.
Elsewhere on K Street, the all-Republican firm CGCN Group doubled its lobbying revenues compared to a year ago, and Michael Best Strategies, whose leadership includes Trump’s first White House chief of staff, Reince Priebus, and Trump’s 2024 co-campaign manager, Chris LaCivita, more than tripled its Q2 lobbying earnings.
Lobbyists anticipate the good times will last, at least for the foreseeable future, even after the signing of the megabill this month — though not everyone believes the Trump-driven realignment will remain.
“We’ve had sort of personality-based firms in town before,” said Gold. “They kind of come and go. I expect that to be the case here.”
In addition to ongoing trade policy disruptions, multiple lobbyists pointed to the various executive orders and presidential memoranda the White House has been churning out since day one as another key driver of business this year.
“The beginning of any new administration is a very busy time,” added Karishma Page, a partner at K&L Gates. “This, I think, is a high watermark.”
K&L Gates saw its lobbying revenue last quarter surge by 25 percent from the same period a year ago thanks to the flurry of activity on both ends of Pennsylvania Avenue.
“There seems to be an insatiable appetite” from clients for insight into the Trump administration, added Will Moschella, who co-leads the lobbying practice at Brownstein.
“A lot of those executive orders require departments and agencies to report back with policy proposals,” he said. “So they weren’t one time events — those are documents and directives that are going to drive further executive branch action.”
From an advocacy perspective, the fight over Republicans’ massive reconciliation package this spring and summer “is kind of like having your dessert,” Gold said. Those negotiations touched off lobbying by everyone from universities to business groups, hospitals, the renewable energy industry and beyond.
The day-to-day regulatory work at various agencies, which Gold compared to “eating your spinach,” is “really just gearing up,” he added.
There’s also the widespread uncertainty over Trump’s tariff policies, to say nothing of must-pass legislation to fund the government and reauthorize the nation’s farm and defense policies.
Those issues — while less sexy than things like crypto or AI policy — have been the focus of increased attention from clients, lobbyists said, thanks to Trump’s large-scale slashing of government funding across the country and the recissions bill passed by Congress this month.
“There is a need in the current moment to really be able to justify the work of an organization that may be a federal contractor or grantee,” Page argued.
That’s also the case for clients that have sought to avoid the president’s ire. “I think there was a sense at the beginning of the administration that maybe you could just duck and cover and just be left alone,” said Monroe. “The experience of the last six months suggests that the best defense is a strong offense … and telling your story, otherwise you risk it being told for you.”
Former President Barack Obama will campaign in Detroit with Michigan Democrats later this month, giving the party a high-profile boost ahead of the start of the state’s early voting period.
Obama is set to join Democratic Senate nominee Abdul El-Sayed, gubernatorial nominee Jocelyn Benson and other candidates on Oct. 24, the state party announced Monday.
“It is my honor and privilege to announce that President @BarackObama is joining us on the trail in Detroit on Saturday, October 24,” El-Sayed wrote on social media. “Get. Ready.”
The event comes 10 days before Election Day, with Democrats defending an open Senate seat and the governor’s office.
El-Sayed faces Republican former Rep. Mike Rogers in the race to succeed retiring Democratic Sen. Gary Peters. Benson, Michigan’s secretary of state, faces Republican Rep. John James in the open governor’s race.
Since leaving the White House, Obama has remained one of the party’s most popular figures, both nationally and among the party grassroots. He has campaigned in past cycles, but he’s made few public stops on the trail this year.
He previously campaigned in Texas with Democratic Senate nominee James Talarico and gubernatorial nominee Gina Hinojosa, and appeared in a campaign ad with Iowa Senate nominee Josh Turek.
The former president is also set to headline a Washington-area fundraiser Wednesday for the Democratic Senatorial Campaign Committee, his first with the party’s Senate campaign arm this election cycle.
Ken Paxton is less than a month out from the conclusion of a D.C.-outsider campaign for a Texas U.S. Senate seat that he privately admitted is being run by Washington.
“I’ve never been in a race where I felt less control over the campaign and, like, what issues are going to matter because it’s all coming — you know — from D.C.,” Paxton said during a small fundraising event last month, according to an audio recording obtained by Blue Light News from a person in the room who does not support Paxton, and verified by another attendee.
“I don’t control message or what we’re doing.”
The lunch, hosted Sept. 24 in Washington by Chris Brinson and Susan Hirschmann of the D.C.-based lobbying firm Williams & Jensen, was attended by about a dozen people including Scott Kopple, VP of government relations at defense contractor BWXT.
“Texas is a big state, and some of these issues obviously resonate with real — I’ll call real people — you know, like back home,” Kopple, who did not respond to a request for comment, said to some chuckles in the room. “I know you need money to get the message out and stuff, but how does this stuff translate?”
Paxton replied saying: “I miss the days when I could go to, get around with all the people. But we have 32 million people, so let’s just say for the next 40 days I’m in front of 1,000 people a day — which I’m not — and that’s 40,000 people. Ten to 10.4 million people are gonna vote.”
“But then it comes down to your messaging,” he continued, “which in a federal race comes from other people a lot of times, which you don’t control.”
One attendee granted anonymity to discuss the private meeting said that Paxton never explicitly said he was referring to Trump’s team controlling his campaign, but “everybody knew what he was talking about.” The person said Paxton’s comments came amid a broader discussion about the national political environment.
“I don’t have ability to change anything,” Paxton went on. “So I have to live with whatever I’ve got. So it is a challenge.”
Paxton campaign adviser Nick Maddux said, “Campaigns don’t coordinate with super PACS and that’s obviously what AG Paxton was referring to,” in a statement to Blue Light News. “AG Paxton is thankful for the support and knows how important Texas is to keeping the majority which is why he’s on the ground every day talking to Texas, raising money, and taking his message directly to the people including with his statewide television buy that started over this past weekend.”
Neither Hirschmann nor Brinson responded to a request for comment.
In an audio recording of the same meeting obtained by The New York Times, Paxton told attendees the midterm convention hosted by Trump in Texas last month “dropped our numbers. Everybody’s numbers dropped. Right now, yeah, not good.” Maddux described the article as “manipulated nonsense.” Playbook hasn’t heard the contents of the rest of the hourlong meeting.
The most recent New York Times/Siena poll has Paxton running 6 points behind Democratic challenger James Talarico.
The private comments follow a bitter primary campaign waged against Republican incumbent John Cornyn, whom Paxton framed as a “Washington insider” and “RINO” while publicly aligning himself with Trump.
“His money is coming from the D.C. establishment,” Paxton said of Cornyn while campaigning in Texas before the primary, the AP reported. “That’s how they always try to convince us from Washington with their money that we should select their person. Well, I’m not their person and I’m never going to be their person.”
Paxton maintains a cash advantage heading into November and announced a $20 million ad buy last month. The Senate Leadership Fund, a top GOP super political action committee closely aligned with Senate Majority Leader John Thune, pledged millions to back Paxton earlier in September.
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President Donald Trump made major gains among Latino voters in 2024. Now, those same voters might cost Republicans control of Congress.
Fifty-nine percent of Latino registered voters prefer a Democratic-controlled Congress, compared with 35% who favor Republican control, according to a new NBC News/Telemundo poll released Sunday. That 24-point gap for Democrats is twice the party’s lead compared to the September 2024 version of the poll.
A separate CBS News/YouGov poll released Sunday also found Democrats ahead among Hispanic likely voters, with 60% backing a Democratic House candidate and 39% supporting a Republican.
The findings threaten gains the GOP made in 2024, when Trump narrowed Democrats’ long-standing advantage among Latino voters. A POLITICO analysis of that year’s election results found that Trump improved his vote share by an average of more than 6 percentage points in majority-Hispanic counties, compared with 2020.
With the midterms approaching, Republicans have made those gains central to their push to maintain control of the House. When Texas Republicans revealed their redistricting proposal last year, four of the five potential GOP pickup opportunities were in majority-Hispanic districts.
Meanwhile, Trump’s overall approval rating among Latino registered voters stands at just 27% in the NBC/Telemundo poll, while 69% disapprove. On the economy specifically, 74% of Latino voters disapprove of Trump’s handling, while 78% disapprove of how he’s dealt with cost-of-living concerns.
Nearly two-thirds, 65%, say Trump’s policies have hurt economic conditions. Inflation and cost of living rank as the most important issues facing the country for 33% of respondents, followed by government corruption at 22%. Another 10% named jobs and the economy.
Economic frustration helped drive Latino voters toward Trump in 2024, with Democrats across the country suggesting in the aftermath of his victory that he was better able to connect with the voting bloc on financial issues.
But now, Latino voters seem to favor Democrats over Republicans on the economy, 48% to 27%, and the cost of living, 45% compared to 26%.
The war with Iran, now in its seventh month, is also weighing on voters’ perceptions of energy costs. In September, the average price of diesel hit a record $6.53, according to AAA.
In the CBS survey, 91% of Hispanic registered voters attributed rising U.S. oil and gas prices to the conflict.
Trump’s immigration crackdown is also putting vulnerable Republicans on the defensive. Rep. María Elvira Salazar (R-Fla.) released an ad in English and Spanish criticizing the administration for going “too far” on immigration and saying Hispanics who backed Trump in 2024 feel “betrayed.”
In the days immediately following her ad, Trump told reporters that he still supported Salazar. “I’m very strong on the borders — and she isn’t,” Trump said. But the president later reposted a flurry of social media messages criticizing Salazar on Truth Social, including one calling for the Florida Republican’s replacement ahead of the midterms.
In the NBC/Telemundo poll, 67% of Latino voters say Trump’s immigration enforcement has gone too far, compared with 22% who say he has taken the right approach.
The White House did not immediately respond to a request for comment.
Dissatisfaction with Trump and Republicans has not translated into broadly positive views of Democrats. According to the NBC poll, Latino voters remain nearly evenly divided on the Democratic Party, with 41% viewing it positively and 42% negatively. Negative views of the GOP, meanwhile, have climbed to 62%, up from 46% in September 2024.
The NBC/Telemundo survey of 800 Latino registered voters was conducted Sept. 21-28 and has a margin of error of ±3.46%. The CBS/YouGov survey of 2,166 adults was conducted Sept. 30-Oct. 2, with a margin of error of ±2.5 points.
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