McDonald's CEO: 'We need a stimulus measure, I think that is very clear'

McDonald’s CEO Chris Kempczinski said on Tuesday that it is “very clear” that the U.S. will need a new coronavirus stimulus measure. 

During an interview on CNBC’s “Squawk on the Street,” Kempczinski congratulated President-elect Joe BidenJoe BidenFeds charge Staten Island man over threat to Schumer, FBI Pence cancels vacation in Florida: report Romney shoots down serving in Biden Cabinet MORE and Vice President-elect Kamala HarrisKamala HarrisSenate Republicans urge Trump to go all-in on Georgia Will McConnell flout custom by rejecting Biden Cabinet nominees? Pressure grows on California governor to name Harris replacement MORE on their “historic win,” and said that it is time to solve some “big issues” such as a new coronavirus package.

“Our hope and expectation is that as we’ve now moved from the election, that we can turn our sights toward working together and solving some big issues that we still as a country face,” he said. 

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“Certainly coronavirus is one of those issues. We need a stimulus measure, I think that is very clear,” he added.

Congress and the White House have yet to reach a deal on the next round of coronavirus relief. Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellTop Republicans signal support for CIA director amid talk of her possible ouster Overnight Defense: Pentagon faces leadership shakeup after Trump fires Esper | Trump approves UAE weapons package | Senate panel proposes 6B spending bill On The Money: Senate releases spending bills, setting up talks for December deal | McConnell pushing for ‘highly targeted’ COVID deal | CFPB vet who battled Trump will lead Biden plans to overhaul agency MORE (R-Ky.) said after Election Day that he’d favor a bill by the end of the year. 

“I think that’s job one when we get back,” he said. “Hopefully, the partisan passions that prevented us from doing another rescue package will subside with the election.”

Negotiations thus far have been ongoing between Speaker Nancy PelosiNancy PelosiOvernight Defense: Pentagon faces leadership shakeup after Trump fires Esper | Trump approves UAE weapons package | Senate panel proposes 6B spending bill On The Money: Senate releases spending bills, setting up talks for December deal | McConnell pushing for ‘highly targeted’ COVID deal | CFPB vet who battled Trump will lead Biden plans to overhaul agency Intercept bureau chief: Pelosi should focus on Georgia special elections amid ‘absurd’ fighting among Democrats MORE (D-Calif.) and Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Senate releases spending bills, setting up talks for December deal | McConnell pushing for ‘highly targeted’ COVID deal | CFPB vet who battled Trump will lead Biden plans to overhaul agency McConnell pushing for ‘highly targeted’ COVID-19 relief deal McDonald’s CEO: ‘We need a stimulus measure, I think that is very clear’ MORE, but White House adviser Larry KudlowLarry KudlowMORE said that the administration has opened talks with McConnell on coronavirus relief. 

CNBC noted that the $1,200 stimulus checks from April helped lift sales for struggling businesses, and the Paycheck Protection Program helped about 700,000 businesses, including some McDonald’s franchisees.

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Kempczinski also said there are other long-term issues that need to be addressed, including climate change and education. He added that the business community would be willing to negotiate on raising the federal minimum wage, which hasn’t been increased since 2009. 

“We’ve been pretty clear for a while now that we are not against a conversation on the minimum wage,” he said. “We work in 120 markets around the world with wage rates all over the place, everywhere from $20 to less than that.” 

“So, we’re not opposed to a conversation around the minimum wage,” he said. “Let’s just make sure that as changes are introduced, we do it in a logical way that balances the needs of, certainly people but also balances the needs of business owners.”

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