“Wall Street is warning Washington Republicans: The money spigot is turning off.”

“Rep. Dave Camp’s tax proposal — which jacked up taxes on banks and threatens the bottom line of some major private equity players in New York — has infuriated donors in high finance.”

“Private equity and investment firms in New York are telling key Republican players in D.C. that commitments for big-dollar fundraising have been ‘canceled for the foreseeable future,’ according to one GOP lobbyist with knowledge of the conversations.”

“Lobbyists for Bank of America, Goldman Sachs and JPMorgan and others are meeting privately with lawmakers to explain what the bank tax would cost and how it would function.”

“Big banks want to turn Republicans against the bank tax. The situation puts the party at risk of seeing a reliable source of campaign cash dry up right in the middle of a critical election year.”

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Read full POLITICO article here.