Congress is still mulling over whether or not to pass another coronavirus relief package. Though Republicans are against Joe Biden’s $1.9 trillion relief package, voices are growing in support of the package. The latest support for Biden’s $1.9 trillion coronavirus relief package, which includes stimulus checks of $1,400, comes from top business leaders.
More than 150 executives of top U.S. companies have come out in support of Biden's $1.9 trillion relief package. On Wednesday, these executives from different industries, including finance, tech, real estate and more, expressed their support for the proposal in a letter sent to Congress.
Welcome to our latest issue of issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring Andurand's oil trading profits surge, Bridgewater profits from credit, and Tiger Cub Hedge Fund shuts down. Q1 2022 hedge fund letters, conferences Read More
These executives include names like Google CEO Sundar Pichai, Goldman Sachs CEO David Solomon, Blackstone CEO Stephen Schwarzman, Comcast CEO and chairman Brian Roberts, Lyft cofounder and president John Zimmer, BlackRock chairman and CEO Larry Fink, AT&T CEO John Stankey, and more.
The letter was addressed to the House Speaker, Nancy Pelosi; the Senate Majority Leader, Charles Ellis Schumer; the Senate Minority Leader, Mitch McConnell; and the House Minority Leader, Kevin McCarthy.
In the letter, the executives have asked the lawmakers to approve the $1.9 trillion package. We "urge immediate and large-scale federal legislation to address the health and economic crises brought on by the COVID-19 pandemic," the letter reads.
The executives argue that the earlier federal relief measures were “essential” but more needs to be done to put the economy on “a trajectory for a strong, durable recovery." Further, the executives noted that the lawmakers must act quickly and on a “bipartisan basis” to approve a stimulus package.
Republicans continue their attack
Corporate America may be in support of Biden’s $1.9 trillion stimulus package, but Republicans continue to object to the massive relief package.
McConnell accused the congressional Democrats of "working backwards" on the stimulus package. The Senate Minority Leader also criticized the Democrats for overspending on reopening of schools. McConnell cited a recent Congressional Budget Office report, which estimated that just 5% of the school funding would be utilized this fiscal year.
"This is just one illustration of how Democrats started with preconceived ideological goals, and actually worked backwards, instead of starting with the actual needs of American families," McConnell said Wednesday.
McConnell also criticized Pelosi for the 9/11-style commission she asked to investigate the January 6 Capitol riot.
“[Pelosi] cites the precedent of the 9/11 commission, but her draft bill fails to track with that precedent in key ways," he said.
West Virginia Republican Senator Shelley Moore Capito also recently criticized Biden's $1.9 trillion proposal for setting aside just 10% for coronavirus vaccines and vaccine distribution.
"It's not a hard no vote when only 10 percent of the dollars go to a vaccine and vaccine distribution," Capito told Politico.
South Carolina Senator Lindsey Graham and Maine Senator Susan Collins also recently criticized Biden's proposed relief package.