Goldman and Blackstone CEOs join chorus of support for US stimulus

Goldman and Blackstone CEOs join chorus of support for US stimulus

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A large group of senior Wall Street executives, including David Solomon of Goldman Sachs and Stephen Schwarzman of Blackstone, have backed Joe Biden's $1.9tn stimulus plan ahead of crucial votes on the package in Congress.

In a letter to congressional leaders from both parties on Wednesday, more than 150 business leaders based in New York City called for "immediate and large-scale federal legislation“ to tackle the fallout from the pandemic.

"Previous federal relief measures have been essential, but more must be done to put the country on a trajectory for a strong, durable recovery,“ they wrote.

"Congress should act swiftly and on a bipartisan basis to authorize a stimulus and relief package along the lines of the Biden-Harris administration's proposed American Rescue Plan,“ they added.

The support for Biden's plan from some of the top names in the US financial sector comes despite strong opposition from Republicans on Capitol Hill who believe the level of new spending is excessive.

Some economists “” including Larry Summers, Barack Obama's economic adviser and Bill Clinton's Treasury secretary “” have also expressed doubts about Biden's package, saying it could stoke unwanted inflationary pressures later this year.

Other large business lobby groups