(FORTUNE Magazine) – What labor is to Democrats, big business is to Republicans, right? Not when it comes to money. Corporate America is backing Democrats over Republicans in November's Senate and House elections. Pragmatism says it all: Most politicians who want to be reelected are, and most of the Congressmen who are running again this year are Democrats. It never hurts to have friends in high places. AT&T is the biggest giver among corporate political action committees (see table). Its beneficiaries include two of the most powerful Democrats on Capitol Hill: vice presidential candidate Senator Lloyd Bentsen and House Speaker Jim Wright. These two Texans got $10,000 each from AT&T. United Parcel Service gives only to incumbents, among them Glenn Anderson, a California Democrat, who got $7,000. He chairs the House Public Works and Transportation Committee. Critics of PAC power stem from all points of the political spectrum. Says David Staton, manager of political action programs at the conservative U.S. Chamber of Commerce: ''Some corporations are just interested in doing a deal with whoever's in there.'' Adds Susan Manes, vice president for issue development at liberal Common Cause, a citizens' group: ''The House of Representatives is becoming the House of Lords; the Senate, a millionaires' club.'' - F.H.K.

CHART: NOT AVAILABLE CREDIT: SOURCE: FEDERAL ELECTION COMMISSION CAPTION: WHO GIVES MOST TO WHOM