Irina Novoselsky, CEO of CareerBuilder, on additional coronavirus relief, the US job market and small businesses.
President Biden and Treasury Secretary Janet Yellen will meet Tuesday with some of the country’s top executives, including JPMorgan Chase’s Jamie Dimon and Walmart’s Doug McMillon to raise support for a nearly $ 2 trillion coronavirus relief package .
Gap CEO Sonia Syngal, Lowe CEO Marvin Ellison and Chamber CEO Tom Donohue will also attend the Oval Office meeting to discuss “the critical need for the U.S. bailout plan to save our economy” “, said the White House.
The meeting comes as the Congressional Democrats continue to spend the massive spending measure using a procedural tool known as budget reconciliation, which will enable them to pass the bill without any Republican purchases.
WHAT IS THE $ 1.9 T STIMULUS PLAN?
Although Biden – who campaigned for the unification of the country and the end of partisan divisions – maintained for weeks that a two-party agreement 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 ten moderate GOP lawmakers and called on Congress to process the $ 1.9 trillion bill quickly.
“If I have to choose between getting help now for Americans who are so hurt and stuck in a lengthy negotiation or harming a crisis bill, it’s an easy choice,” Biden said Friday. “I’m going to help the American people who are hurting now.”
According to a draft of the legislation passed by the House Ways and Means Committee on Monday night, $ 1,400 stimulus checks would earn Americans who earn up to $ 75,000 annually, despite a final push from some centrist lawmakers to lower the threshold . But the checks will phase out faster than previous rounds, cutting off individuals earning more than $ 100,000 and couples earning more than $ 200,000.
COMMANDED SAFE RETURN BETWEEN PROGRESSIVE OVER $ 1400 STIMULUS CONTROLS IN PROPOSAL WITH LIGHT LIGHTING
The proposal is also expected to increase the supplementary unemployment benefits by $ 400 a week by August, allocating $ 160 billion for vaccine distribution and providing $ 350 billion in new funding for state and local government assistance, along with a host of other provisions.
The House Ways and Means Committee will discuss its part of the massive reconciliation bill on Wednesday and run through it until Friday. Lawmakers hope to pass the stimulus checks, which are part of a broader $ 1.9 billion relief package, no later than March 14, when additional unemployment benefits are ready for millions of Americans.
If Congress approves the first aid kit, the U.S. will be back in full service next year, Yellen predicted Sunday during an interview on CNN’s “State of the Union.” Otherwise, she said, the labor market would take years to reach its pre-crisis levels.
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In total, the U.S. recovered about half of the 22 million jobs lost during the first two months of the pandemic. According to Labor Department data, there are still about 9.9 million more unemployed Americans than in February before the crisis began.
Although the labor market recovered rapidly from the early days of the pandemic in April, May and June, job growth has cooled significantly since then, with economists increasingly warning that the recovery could be a plateau – or reverse itself.
The Labor Department reported on Friday that employment rose by just 49,000 last month, a sluggish start to the new year as COVID-19 and restrictions imposed to curb its proliferation continue to hamper businesses.
The unemployment rate decreased to 6.3%.