Endorsement from business leaders could provide a boost for Democrats pushing to pass the economic stimulus package

ECONOMY. It is estimated that at the end of February the economic stimulus bill will go to the Senate / Pixabay

More than 150 of the nation’s most powerful executives are calling on Congress to swiftly pass President Joe Biden’s $ 1.9 trillion coronavirus aid package.

Signatories to a letter sent Wednesday include CEOs of Google, Comcast, IBM, Goldman Sachs and Loews Hotels. It includes Blackstone’s Stephen Schwarzman, a longtime ally of former President Donald Trump, as well as the heads of several major airlines, banks and retailers.

“Previous federal relief measures have been essential, but more must be done to put the country on a path to a strong and lasting recovery,” says the letter, which was first reported by CNN. “Congress should act quickly and on a bipartisan basis to authorize a stimulus and aid package along the lines of the American Rescue Plan proposed by the Biden-Harris administration.

The economic recovery is showing signs of stagnation as the pandemic continues and millions of Americans remain out of work. Research has shown that low-wage workers, women, and people of color have suffered the brunt of the losses amid a so-called “K” -shaped recovery due to its divergent outlook for the wealthy and the poor.

“More than 10 million fewer Americans are working today than when the pandemic began, small businesses across the country are facing bankruptcy and schools are struggling to reopen,” the letter says. “The most vulnerable Americans, including women, people of color and low-wage workers, are experiencing the worst of the pandemic, with unprecedented job losses, childcare burdens and food insecurity.”

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Endorsement from business leaders could provide a boost for Democrats pushing to pass the package, which includes direct stimulus payments of $ 1,400 per person, emergency funds for state and local governments facing the coronavirus crisis, and billions. to expand coronavirus testing and vaccines.

The lower house is fine-tuning details to vote on the $ 1.9 billion stimulus proposal sent by the president. Although it is expected that it will be approved by the end of the current week, the stumbling block is in the Senate, where the Republican group demands a lower value lifeline, approximately greater than $ 600 billion.

The Washington Post. Free translation by El Tiempo Latino


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