Jonathan Chait links to a Cato study that shows what the consequences of the K Street Project have been for the Republicans:

Tom Delay’s “K Street Project” attempted to harness the might of the business lobbying community to Republican goals. It ended instead by subordinating the Republican party to the wishes of the business lobbying community. Which is how it happened that Republicans worked a lot harder to ensure that the prescription drug benefit relieved businesses of the burden of their past prescription drug promises than to protect taxpayers.

Matthew Contenetti’s “The K Street Gang” offers the same theory: the K Street Project ultimately made the Republican majority subordinate to the business lobbies.