Cash flow on K Street

Lobbyists are taking it on the chin this campaign season as both Sens. Barack Obama (D-Ill.) and John McCain (R-Ariz.) up the ante on how they would reject the wishes of the “special interests” as chief executive.

But as the candidates joust on the campaign trail, lobbying firms (for the most part) continue to thrive. As The Hill reported on Tuesday, Patton Boggs remains the top firm, raking in $20.5 million during the first half of 2008. That is an increase of nearly $1 million from the same period last year.

Akin Gump, which came in behind Patton Boggs at No. 2 in the survey, brought in $2 million more during the first six months of 2008 than it did in 2007.

Other impressive numbers were posted by Van Scoyoc Associates, Dutko Worldwide and Hogan & Hartson.

Not every firm reported gains compared to last year, but a surprising number did — especially amid the downturn in the economy and an incredibly long and busy campaign year.

Contrary to conventional wisdom, a fair number of bills have been signed into law this year.

Some, including the economic stimulus package, were signed proudly by President Bush. Others, such as the Medicare doctor payment fix and the farm bill, became law because they enjoyed veto-proof majorities in Congress.

With the congressional schedule winding down and the unlikelihood of a lame-duck session, the second half of 2008 will not be as busy as the first half. But that will be the calm before the storm.

Regardless of who wins the White House, the 111th Congress could be one of the busiest in recent memory. The question next year will not be what will be on the congressional schedule; it will be, What won’t?

Bills on energy, Iraq, healthcare, taxes, trade, telecommunications, transportation, labor policies, ethics and campaign finance reform will all be competing against each other to get the attention of lawmakers in 2009.

Stalled parts from the Democrats’ “Six for ’06” agenda will move next year, including stem cell legislation and giving the government more authority to negotiate Medicare prescription drug prices. Both measures are backed by Obama and McCain.

There is no doubt that many businesses that invest millions in lobbying are making difficult decisions amid the ailing economy. But it is noteworthy that corporate America is not scaling back on its K Street budget.

Why? Because money invested in lobbying is money well spent. And there will be a lot spent next year.