Biden and Yellen meet with CEOs of JPMorgan, Walmart, Gap

President Joe Biden met with leaders of one of the country’s largest businesses in the Oval Office on Tuesday to discuss his $ 1.9 trillion Covid stimulus plan and the outlook for the U.S. economy.

Finance Secretary Bidendel and Janet Yellen are expected to meet with JPMorgan Jamie Dimon, Walmart Doug McMillon, Gap’s Sonia Syngal, Lowe Marvin Ellison and Tom Donohue, U.S. Chamber of Commerce.

Although the exact agenda for the afternoon meeting was not immediately available, the White House said the group was reviewing the “critical need” for Biden’s massive rescue plan, which is currently passing through Congress.

Biden said shortly before the meeting that the group will “talk about the state of the economy, our recovery package. We’ll talk a little bit – if God wants – about the infrastructure on the road and the minimum wage.”

U.S. President Joe Biden will receive an economic briefing with Treasury Secretary Janet Yellen at the Oval Office of the White House in Washington on January 29, 2021.

Kevin Lamarque | Reuters

Nonetheless, star-studded U.S. industry players are likely to put pressure on the White House’s plans to make as many Covid-19 vaccines available to workers, the size, scope, and importance of another round of stimulus control, and how the $ 15 minimum wage could be would have an impact on payroll.

Yellen, the former president of the Federal Reserve, stressed the importance of taking swift action to flush the U.S. economy with additional fiscal support even after the $ 900 billion congress was passed in December. Without it, the job market recovery could take years instead of a full recovery next year, he said over the weekend.

Although the U.S. economy rebounded abruptly in the summer of 2020, progress came to a halt this winter, if not completely reversed, as the hospitality, travel, and hospitality industries continue to struggle under the influence of the coronavirus epidemic.

The January 2021 jobs report, released on Friday, showed that employers added only 49,000 jobs last month. The decline in the unemployment rate, which fell to 6.7% from 6.7%, occurred when more people stopped looking for work.

Statistics such as Congressional Democrats have made efforts to pass Biden’s U.S. rescue plan using a budget tool known as reconciliation that would allow the party to move the grand plan through Capitol Hill without the support of the GOP.

While the Biden administration voiced optimism for weeks that its plan could be passed on a bipartisan basis with the required 60 votes without reconciliation, it seems that repressing Republicans over the size of the bill has put an end to the possibility of a pleasant solution.

“The president – a top priority is to relieve the American people,” White House spokesman Jen Psaki said Monday. “Again, I don’t think the American people would be particularly concerned about how immediate relief would fall into their hands. If [reconciliation] the process it is going through, which seems likely at this point, the President would certainly support this. “

While sitting in the oval office gives CEOs the opportunity to learn more about the administration’s goals, it also gives the White House the opportunity to receive feedback directly from some of the country’s top executives who can benefit parts of Biden. bill and not love 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.

“What our members are saying supports the Biden government’s questions about the urgency of the necessary rescue. First, manage the pandemic and secondly, support the most vulnerable in the most vulnerable times,” Bolten said Wednesday. “We’re here to gather these items.”

But Bolten stressed that the BRT, which includes Dimon, McMillon and Syngal, is concerned about some elements of the original plan that could reduce the chances of passing the legislation, including raising the minimum wage.

Three days after Bolten’s comments, Biden told CBS that the $ 15 federal minimum wage was unlikely to “stay” in the next Covid-19 aid package, but promised to deliver on the campaign’s promise later.

Recently, senior House Democrats on Monday night proposed that $ 1,400 in incentive payments be sent to some Americans with an annual income of up to $ 75,000. The move rejected an earlier call for benefits to be passed on to lower-income people, backed by conservative Democratic Sen. Joe Manchin of West Virginia.

Biden said on Tuesday that it supports the total benefit limit, which is an annual income of $ 75,000 for each client.

Senator Bernie Sanders, who is independent of Vermont, told CNN over the weekend that he would support a “strong rock” for payments so that checks are not intended for high-income households, but warned against cutting out too many families.

“But to tell a worker in Vermont or California or anywhere else that if you’re earning $ 52,000 a year you’re too rich to get that help, the full benefit, I think that’s absurd,” he said.

Correction: Sixty votes are required to pass budget legislation in the Senate without conciliation. An earlier version was incorrect on the requirement.