President Joe Biden will meet with the executives of some of the country’s largest corporations in the Oval Office on Tuesday to discuss his $ 1.9 trillion stimulus plan and the outlook for the American economy.
Expected meetings with Biden and Treasury Secretary Janet Yellen include Jamie Dimon from JPMorgan, Doug McMillon from Walmart, Sonia Syngal from Gap, Marvin Ellison from Lowe and Tom Donohue from the US Chamber of Commerce.
Although the exact agenda for the afternoon meeting was not immediately available, the White House said the group will review the “critical need” for Biden’s massive bailout plan currently making its way through Congress.
The White House did not respond to a request for an agenda.
Still, the star-studded cast of American industry is likely to push the White House on its plans to make more Covid-19 vaccines available to workers on the size, scope and importance of another round of stimulus checks and one Minimum wage of $ 15 would impact payroll.
Yellen, the former chairman of the Federal Reserve, has stressed the importance of acting quickly to flush the US economy with even more financial support, even after the $ 900 billion bill was passed in December. Without it, the labor market recovery could take years instead of fully recovering by next year, she said over the weekend.
Although the U.S. economy bounced back sharply in the summer of 2020, that advance has plateaued, if not partially reversed, this winter as the hospitality, travel, and food service industries continue to struggle under the effects of the coronavirus pandemic .
The January 2021 job report published on Friday showed that employers only created 49,000 jobs in the last month. The unemployment rate, which fell from 6.7% to 6.3%, came as more people gave up their job search.
It is statistics like this that have accelerated the efforts of Congress Democrats to pass Biden’s American bailout plan with a budget instrument known as reconciliation that would allow the party to work out the big ticket plan through Capitol Hill without GOP support.
Although the Biden administration has been optimistic for weeks that its plan could be passed bipartisan with the 60 votes required for reconciliation, the Republican backlash on the size of the bill appears to have ended any prospect of an acceptable solution.
“The president – his first priority is to give relief to the American people,” White House press secretary Jen Psaki said Monday. “Again, I don’t think Americans are particularly concerned about how direct relief gets into their hands. If [reconciliation] If this is the process it is moving forward that seems likely at this point, the President would surely support it. “
While sitting in the Oval Office gives CEOs a chance to learn more about the administration’s goals, it also gives the White House a chance to get direct feedback from some of the top executives in the country who may prefer some parts of Biden Bill and dislike others.
Josh Bolten, president and CEO of the influential Business Roundtable, told CNBC last week that business leaders generally do not support conservative efforts to “reduce” the size of the Biden Plan.
“Our members say they support what the Biden government says about the urgency of the rescue needed. First, bring the pandemic under control and, second, support the weakest in difficult economic times,” Bolten said on Wednesday. “We are here to get involved with these elements.”
However, Bolten stressed that the BRT – whose members include Dimon, McMillon and Syngal – was concerned about some components of the original plan that could reduce the likelihood of legislation being passed, including raising the minimum wage.
Three days after Bolten’s statements, Biden told CBS that the $ 15 minimum wage in the next Covid-19 aid package was unlikely to “survive,” but promised to keep the election promise at a later date.
More recently, senior House Democrats proposed Monday night that the $ 1,400 stimulus payments be sent to individual Americans with annual incomes up to $ 75,000. That move opposed an earlier call to tailor the benefits to those on lower incomes, backed by West Virginia conservative Democrat Joe Manchin.
Senator Bernie Sanders, independent from Vermont, told CNN over the weekend that he was supporting a “strong cliff” on payments so that checks are not allocated to high-income households but are warned against excluding too many families.
“But to tell a worker in Vermont, California or elsewhere that if you make $ 52,000 a year you are too rich to get this aid, the full benefits, I find it absurd.” he said.