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CareerBuilder CEO Irina Novoselsky on Further Relief from Coronaviruses, the U.S. Labor Market, and Small Business.
President Biden and Treasury Secretary Janet Yellen will meet with some of the country’s top leaders on Tuesday, including Jamie Dimon of JPMorgan Chase and Doug McMillon of Walmart, to secure support for a nearly $ 2 trillion relief program against the coronavirus.
Sonia Syngal, CEO of Gap, Marvin Ellison, CEO of Lowe, and Tom Donohue, CEO of the Chamber of Commerce, will also attend the Oval Office meeting to discuss the “critical need for the US bailout to save our economy,” the White House said.
The meeting comes as Democrats in Congress pledge to pass the massive spending measure using a procedural tool known as budget reconciliation, which will allow them to approve the bill without any buy-in. republican.
WHAT IS BIDEN’S $ 1.9T STIMULUS PLAN?
Although Biden – who campaigned for the country’s unification and an end to partisan bickering – argued for weeks that a bipartisan deal was possible, Republicans criticized the size and scope of the White House proposal. . Biden last week rejected a $ 600 billion counter-proposal from a group of 10 moderate GOP lawmakers and called on Congress to speed up passage of the $ 1.9 trillion bill.
“If I have to choose between getting help now for the Americans who are suffering so badly and getting bogged down in a long negotiation or compromising on a bill at the height of the crisis, it is an easy choice. “Biden said on Friday. “I will help Americans who are suffering now.”
Under a bill released by the House Ways and Means Committee on Monday night, $ 1,400 in stimulus checks would go to Americans earning up to $ 75,000 a year, despite a last-minute push from some centrist lawmakers to lower the threshold. But the checks would disappear faster than previous cycles, cutting off individuals who earn over $ 100,000 and couples who earn over $ 200,000.
BIDEN SPARKS BACKLASH AMONG SOME PROGRESSIVE OVER $ 1,400 STIMULUS CONTROLS IN COVID RELIEF PROPOSAL
The proposal is also expected to increase supplementary unemployment benefits by $ 400 per week through August, allocate $ 160 billion for vaccine distribution and provide $ 350 billion in new funds for state and local government aid, as well as many other provisions.
The House Ways and Means Committee is due to debate its part of the massive reconciliation bill on Wednesday and conclude on Friday. Lawmakers hope to pass stimulus checks, which are part of a larger $ 1.9 trillion relief package, by March 14, when additional unemployment benefits are set to run out for millions of Americans.
If Congress approves the emergency aid package, the United States will return to full employment next year, Yellen predicted in a CNN “State of the Union” interview on Sunday. Otherwise, she said, the labor market will take years to reach pre-crisis levels.
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In total, the United States has recovered about half of the 22 million jobs lost in the first two months of the pandemic. There are still about 9.9 million more Americans without jobs than in February before the crisis began, according to data from the Department of Labor.
Although the labor market has rebounded rapidly in April, May and June since the early days of the pandemic, job growth has slowed considerably since then, with economists increasingly warning that the recovery could level off – or reverse.
The Labor Department reported on Friday that employment increased by just 49,000 last month, a lackluster start to the year as COVID-19 and restrictions implemented to reduce its spread continued to weigh on businesses .
The unemployment rate edged down to 6.3%.
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