More than 150 senior executives from America’s largest companies want the government to pass the stimulus plan proposed by President Joe Biden. The $1.9 trillion coronavirus relief package, nicknamed the American Rescue Plan, includes proposals for additional $1,400 stimulus checks. It also features bigger federal unemployment benefits and expanded family and child benefits. The plan also contains wider programs for COVID-19 testing, vaccines, and school reopening plans.
Partnership for New York City
The Partnership for New York City signed the letter addressed to bipartisan congressional leaders. This comprises House Speaker Nancy Pelosi (D-CA, Senate Majority Leader Chuck Schumer (D-NY), Senate Minority Leader Mitch McConnell (R-KY), and House Minority leader Kevin McCarthy (R-CA).
This organization includes top executives from the country’s top industries. It includes prominent companies such as financial firms Goldman Sachs and Blackstone. It also includes technology companies like Google, Intel, and IBM. Also, it lists hospitality and airline companies like Loews Hotels & Co., American, and United Airlines. More than 150 executives signed on to the letter. This includes notables such as Blackstone CEO Stephen Schwarzman, Google CEO Sundar Pichai, Goldman Sachs CEO David Solomon, John Zimmer president of Lyft; Brian Roberts, CEO of Comcast, and John Stankey, CEO of AT&T.
More Relief for Strong, Durable Recovery
“Previous federal relief measures have been essential, but more must be done to put the country on a trajectory for a strong, durable recovery. Congress should act swiftly and on a bipartisan basis to authorize a stimulus and relief package along the lines of the Biden-Harris administration's proposed American Rescue Plan,” the letter said.
“Strengthening the public health response to coronavirus is the first step toward economic restoration,” the executives wrote. “The American Rescue Plan mobilizes a national vaccination program, delivers economic relief to struggling families, and supports communities that were most damaged by the pandemic,” the letter added.
House to Vote This Week
The House expects to decide on whether to pass the stimulus plan this week, with the Senate soon afterward. Republicans have yet to agree with the package, saying that they find the budget too big. McConnell already went on record to say the plan is too partisan. GOP members in the House and Senate remain in opposition, claiming that releasing funds this big can trigger inflation. Also, the proposal is a “clunker” and would “enact policies that work against job creation,” according to Utah Senator Mitt Romney. Meanwhile, Senator Rob Portman of Ohio wrote that the stimulus bill showed “disappointing” partisanship and had come together with “no consultation” from Republicans.
Biden, however, remains committed to his plans to go big. He went on air this week to challenge opponents to identify which provisions are too large for them and should receive cuts. “Now critics say the plan is too big. Let me ask the rhetorical question — what would you have me cut? What would you have me leave out?” he said last Monday.
Businesses hailed the pandemic support offered by the plan. However, they remain lukewarm over plans to increase the federal minimum wage. Fast-tracking the federal aid plan, and getting the GOP to sign it means cutting down some of the more contentious provisions such as the minimum wage adjustment. Without the minimum wage, progressive Democrats might resume sparring with the centrists. Already, two prominent Democrats have stated their objection to a federal $15 per hour rule.
Watch the Yahoo Finance Live News featuring the Partnership for New York City, who says NYC was hit early and hard during the pandemic:
How soon can Congress pass the stimulus plan? Do you want the stimulus package sooner than later? Do you agree with big business that Congress should approve Biden’s $1.9 trillion packages? Let us know what you think. Share your comments below.