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Lawmakers this weekend are pushing to meet the White House’s Monday deadline of coming to an agreement on a rescue package likely to top $1 trillion. On Saturday, White House Economic Advisor Larry Kudlow said the package would likely equal 10% of U.S. economic output, or more than $2 trillion. Executives have zeroed in on language in Senate Republicans’ initial proposal allocating a portion of those funds to Big Business.
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As the time bomb ticks, Congress must sift through the requests. The hotel industry wants $150 billion. The restaurant industry wants $145 billion. The National Association of Manufacturers wants $1.4 trillion. The International Council of Shopping Centers wants a guarantee of up to $1 trillion.
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“Take post 9-11, post-financial crisis– double it – and it’s still not there,” said American Hotel Lodging Association CEO Chip Rogers said. AHLA’s members include Wyndham Hotels, Marriott, Hilton, as well a number of small businesses.