Over 150 Major US Companies Send Letter to Congress Supporting Biden's $1.9 Trillion Stimulus Plan

President Joe Biden of the United States [Image source= EPA Yonhap News]

[Asia Economy Reporter Byunghee Park] It has been confirmed that more than 150 major U.S. companies sent a letter to the leadership of both the Democratic and Republican parties expressing support for President Joe Biden's $1.9 trillion stimulus plan.

According to the Financial Times on the 24th (local time), the letter, sent on behalf of over 150 companies to the leadership of both parties, urged Congress to quickly pass a large-scale stimulus package.

In the letter, they argued, "Although important federal government support measures have been taken earlier, larger-scale stimulus measures are necessary for a strong and sustained economic recovery." They added, "Congress must act to ensure that President Biden's stimulus plan is approved quickly through bipartisan agreement."

Companies that signed the letter included information technology firms such as Google, Intel, and IBM; telecommunications and utility companies like AT&T and Comcast; airlines including American Airlines and United Airlines; and ride-sharing company Lyft. Investment firms such as Goldman Sachs and Blackstone, as well as banks, insurance companies, real estate, hotels, and retailers also joined in large numbers.

The U.S. House of Representatives is scheduled to vote later this week on President Biden's $1.9 trillion stimulus plan. The plan passed the House Budget Committee vote on the 22nd with 19 votes in favor and 16 against.

However, the proposal to raise the federal minimum wage from the current $7.25 to $15 by 2025 is expected to be a variable factor in Senate approval. To pass the bill, 60 votes in favor are required in the Senate, but the Democratic Party plans to use budget reconciliation to pass the bill with a simple majority. Since the Senate seats are evenly split 50-50 between Democrats (including independents) and Republicans, even a single dissenting vote within the Democratic Party could cause the bill to fail.

In this situation, voices opposing the $15 per hour minimum wage increase are emerging within the Democratic Party. Democratic Senators Joe Manchin and Kyrsten Sinema have publicly expressed opposition to the $15 increase. About 10 other senators have not clearly stated their support for the $15 minimum wage plan. On the other hand, independent Senator Bernie Sanders insists that the $15 increase must be passed.

This content was produced with the assistance of AI translation services.