Business
150 Companies Urge Congress to Pass Stimulus Plan
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.
RELATED: Wall St: Stimulus Won’t Spark Runaway Inflation
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.
Pandemic Support
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:
Loading ...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.
33 Comments
Stimulus is important forNOW…the but I feel $15 is to much Minimum wage as small businesses are starting again… maybe 10 or 11 then move upward over a designated period of time
i wished they would pass stimulus check sooner than ever in a week or two
Still think after three months we should get the full $2,000 the democrats ran in instead of $1400 months later……that should have been done before he was signing all those executive orders destroying jobs………
The government is not your baby daddy. WE need to get this train wreck of a budget under control and stop the government overstep of it’s enumerated powers. Less government intervention, not more. Get over your fears and step back out in the world as someone with a spine.
There’s to much pork in this bill that has nothing to do with the covid19 relief , pelosi has 1.5 billion for a rail raid and that’s just the tip of it! I’d say cut all those companies that has the billion for no reason and just give citizens the 1400 ! This bill set up bankruptcy for this country! Remember taxpayers pay not politicians!
I don’t like the idea of children getting $300 a month. Why? Parents are responsible for there children.
We should get it before any illegals that is our money they are steeling! God help us!
This thing is loaded with so much pork it is unbelievable.
They’re doing more the bailout states and cities that have been physically are responsible for years. And sending money to foreign countries, that have nothing to do with covid-19 relief.
Their pet projects are getting 5 to 10 times what is being proposed for the average citizen.
But that’s the Democratic way
Fiscally irresponsible
I pray they will pass the Bill because I know many people who are struggling harder than ever getting help from their parents. It is the responsibility of Congress to assist The American people when a disaster happens that is not our fault. I think they need to have the $15 increase for wages in another Bill. Stop dragging their heels and grind hard to help restore unity that has dampen Americans spirit. We will conquer this as we have lost too many lives already. PLEASE Congress we are in dire straits because of this COVID-19.
Minimum wages are economically disastrous. Especially $15.00/hr! Ridiculous. I would fire everyone who works for me, and not by choice. Millions of jobs would disappear. And the “stimulus plan” is a farce! Yes, let’s borrow another $2,000,000,000,000.00 . How about borrowing $10 Trillion? 20? The democrats are the most dangerous enemy that the United States has ever faced.
Many people need the stimulus $$$$, it will help the economy and everyone else to get back on track by promoting financial stability, also the $15.00 per hour will help struggling workers get out of low income status and out of financial assistance programs…
CONGRESS PASS THE RELIFE $$$$$ NOW! before it is too late!!!
Another disastrous plan by the democrats.
I think the left is doing their damnest to drown this country in debt What we nned is for the people to speak their piece. that,s @the voting booth
I ask Congress to pass the bill and later do the wage increase I bet all on this reply are white collar people sometimes when people have what they need they don’t worry about others in this day and time their is someone u know that needs help that need help from this package when trump passed bills no one even cared what it was for 😕now it’s the democratic also wasn’t worried about how much was spent I say to them which is it then we have the Wall did we need that?who was paying for it🙏🏾I pray all 🙏🏾
This bill is sinful only 9 percent relates to covid the balance is pork the Democrat party does not care about the people people their more concerned about kick back this bill should not be signed help the people by putting them back to work if the DEMOCRATS CONTINUE THEY WILL DESTROY OUR COUNTRY
Why not 2k a month stimulus check for everyone! Rent is due once a month not twice a year. And why 15 dollars an hour, why not $500 or $50,000 per hour. 15 an hour is a completely arbitrary amount, its not based on any sound modeling of the effects on the overall economy (it just sounds good) just like our entire fiscal policy isn’t based in reality. Who cares if inflation completely destroys the value of the currency and collapses the system. The elites have a new global paperless system waiting in the wings for when “capitalism fails”.
We must get this insane spending under control. If they pass stimulus, they must take the 1.7 trillion out!!! That amount has got to come out…..has not ONE THING to do with Covid or helping Americans!!!!
I dunno, but in the manner that the way the Democrats & Biden keep talking and talking and talking about “upcoming stimulus $$$$ going out to badly needed families” it really makes you wonder by how & which manner they will “water it down” to just a few bucks per family and the remainder going into the pockets of those greedy greedy Democrats. DON’T BE SURPRISED AMERICA if Biden & his corrupt admin. find a way to SCREW YOU & ME! These Democrats are very very D E V I O U S!
Minimum wage – a Democrat idea that gets worse each time it is reimplemented. How are farmers, ranchers, florists, dry cleaners, bakers, small retailers, mom and pop enterprises, beauty parlors, barbers, restaurants, and thousands of trades adhere to minimum wage standards without sharply increasing the price for goods and services. Raise your hand if you want to worsen the recession. Since progressives want equality, why not a set wage for everyone, regardless of their profession, seniority, or competence? How about creating jobs and an environment to encourage business ventures instead.
Now now now
This enormous bill will further enslave and kill good hard working law abiding Americans! This sick and immoral habit of constantly over-committing taxpayer dollars by adding multiple items that would never pass on their own merit must stop! It’s time to put spending bills to the American vote since Congress has proven themselves to be incapable of protecting American citizens’ integrity from governmental stealing – the enslaving its own citizens while Congress revels in selfish benefits that we pay for! This endless theft must end now!
It did not take pres Trump months to get a stimulus Approved
Minimum wage is for people that are in training, you ever go through a drive-through and never get a napkin or a straw! My point how do they deserve $15 an hour when they can’t do the simplest stuff. More warning is needed at a lower minimum wage as it is now! And as far as the stimulus what the heck spent three months get the money out and and make it 2000 as we were told it’s been months people don’t have money to sit around and just wait for more they need the extra help. God is good and he will fix this because you guys certainly can’t!! Make America great again
We could use the stimulus payment but it should be bigger than what they want to give the
American people. These other countries dont need our money. This is the American peoples money that is being distributed to everyone else. The democrats are trying to bankrupt this country. They give themselves $57,000 raises but according to AOC they need it for cost of living, really. Its bad enough getting into this going green deal is going to cost Americans alot of money when they are done.
Well of course those corporate big wigs are for this monstrous porkulus bill. They ain’t hurting and they and their corporations will likely be some of the prime beneficiaries of all that pork. Never mind there is little actually in there that helps us little folks out, much less addresses the medical issues at hand.
When is somebody going to figure out that minimum wage increases does nothing to help anyone. It just raises the prices on everything, so we all just pay more for everything we buy. It has to stop somewhere. When the wages go up, the prices go up. And many places can’t afford to pay more so they have to either close their business, or fire their employees. And what does all that other crap have to do with stimulus?
I do not believe it is necessary if the government just backed up let businesses open. Let those who want to wear masks wear them and stop trying to dictate how others will live. Fire Nancy and give her wages to the people. The government is corrupt and will continue to steal and give to others for cheating. Why not 1.9 Trillion to the American people; Documented citizens. Stop sending money out of the country. Start keeping Americans first.
It is nice to know we have concerned citizens that don’t care about the future citizens that will have to pay the price for all of this crap. And no, Patricia, this isn’t all white collar people on this reply. What a dumb ass comment to make. My wife and I exist on social security (about $2250 a month total) because we have had to. We don’t piss off money on anything we want and then cry about what we don’t have. There are people who I am sure need the help, but it isn’t all of the people who are receiving the stimulus check. If you can take that money and but a tv, then you don’t need it. How does it make sense that the government borrows money, putting us further in debt, and gives it to us to spend to help the economy. It’s kind of like consolidating all of your bills into one mortgage payment, paying off stuff like your car payment over 30 years. What a genius idea. Way to many people who don’t need or shouldn’t have received the help did get it before. What would be different this time? Americans now believe that they should be able to live like those who make more because they are entitled to, not work harder to achieve. There is little, if any, finacial responsibility that exists in our country anymore. Just people who deserve to have at others costs.
There are a lot of people who commented that haven’t read the bill. If they did, they would know this bill is full of pork that has nothing to do with COVID-19….AND the fact that this bill also gives money to ILLEGALs. I would say that 95% of this bill is pork while 5% is COVID-19 relief. It’s really sad that Congress doesn’t care how far in debt the American people are put in because they want pork. Mass transportation and bridges have nothing to do with COVID-19. Federal minimum wage has nothing to do with COVID-19. Unless people learn to read the bills Congress wants to pass so they know what’s in it instead of only hearing one part that Congress wants them to know, things will never change. it’s sad.
“To much pork in the bill” illegal immergrients don’t deserve any money until they are citizens Minimum wages need to be raised but not to $15.oo maybe 9.00 or 10.00 small business can’t afford to pay that. To many jobs will be lost Biden is trying fill promises he made to get him in office but it’s not good for country take care of Americans before illegals they will bring in more Convid-19
Way way too much pork in this bill. FISCAL IRRESPONSIBILITY IS RIGHT! Drop everything except Covid relief for Americans.
TURN OUT THE LIGHTS IN THE WHITE HOUSE AND CALL IT THE BLACK HOUSE. WE BEEN IN THE DAMN DARK TOO LONG .