Biden courts big business to back $1.9trn stimulus package
US President Joe Biden met with leading chief executives including JPMorgan Chase’s Jamie Dimon and Walmart’s Doug McMillon to boost support for the $1.9trn (€1.57trn) virus relief plan he’s trying to push through US Congress.
Gap CEO Sonia Syngal and Lowe’s chief Marvin Ellison also attended the Oval Office meeting yesterday afternoon. Mr Biden said the group would discuss the state of the economy and his rescue plan, which would raise the minimum wage, plus a forthcoming push to rebuild the nation’s roads and bridges.
“There’s a whole range of issues, but I think they’re all solvable,” Mr Biden told reporters. “I’m anxious to hear what these business leaders have to say about how we’re approaching this issue and to see if we can find some common ground.”
Treasury Secretary Janet Yellen and Vice President Kamala Harris attended along with Tom Donohue, CEO of the US Chamber of Commerce.
Endorsements from major US business leaders could help Mr Biden garner Republican support for his stimulus, though the White House has indicated it is prepared to pass the bill through Congress with only Democratic votes. Congressional Democratic leaders have laid groundwork to move the legislation using a procedure that would require only simple majority support in the Senate, rather than the 60 votes normally needed to end a filibuster.
The Chamber of Commerce, one of the most powerful lobbying groups in Washington, has traditionally aligned itself with the GOP, but pivoted last year to begin working more with Democrats after clashing with the Trump administration over its protectionist trade measures. Mr McMillon is also chairman of the Business Roundtable, another influential lobby in Washington.
White House Press Secretary Jen Psaki suggested Mr Biden wouldn’t specifically ask the leaders to officially throw their support behind the plan, instead casting the meeting as a chance for the president to lay out the specifics of his proposal and get feedback.
The biggest US banks, including JPMorgan, have recently faced complaints that their scaling back of consumer lending has hurt businesses and households still struggling in the pandemic-battered economy. Ms Psaki indicated Mr Biden would not raise those issues with Mr Dimon or other executives and instead would keep the discussion focused on his stimulus plan.
“The president does not have a litmus test that he gives people before he meets with them in the Oval Office,” Ms Psaki said. “They don’t agree with him on everything. I’m sure the business leaders would convey that to you. He doesn’t agree with them on everything.”
Mr Biden kicked off talks last week at the White House, where he met with a group of Republican senators who proposed a stimulus one-third the size of his plan. While both sides spoke optimistically about working together, Mr Biden has since said he is not interested in scaling back his proposal. Liberal Democrats and progressive groups have pressured Mr Biden not to give in to Republican demands.