[Congressional Record Volume 158, Number 170 (Sunday, December 30, 2012)]
[Senate]
[Pages S8527-S8528]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                            The Fiscal Cliff

  Mr. McCONNELL. Mr. President, my office submitted our latest offer to 
the majority leader last night at 7:10 p.m. and offered to work through 
the night to find common ground. The majority leader's staff informed 
us they would be getting back to us this morning at 10 a.m., despite 
the obvious time crunch we all have. It is now 2 p.m. We have yet to 
receive a response to our good-faith offer. I am concerned about the 
lack of urgency here. I think we all know we are running out of time. 
There is far too much at stake for political gamesmanship. We need to 
protect the American families and businesses from this looming tax 
hike.
  Everyone agrees action is necessary. In order to get things moving, I 
have just spoken with the majority leader. I also placed a call to the 
Vice President to see if he could help jump-start the negotiations on 
his side. The Vice President and I have worked together on solutions 
before and I believe we can again.

[[Page S8528]]

  I want my colleagues to know that we will keep everyone updated. The 
consequences of this are too high for the American people to be engaged 
in a political messaging campaign. I am interested in getting a result. 
I was here all day yesterday. As I indicated, we submitted our latest 
proposal at 7 p.m. last night. I am willing to work with whoever can 
help.
  There is no single issue that remains an impossible sticking point. 
The sticking point appears to be a willingness, an interest, or, 
frankly, the courage to close the deal. I want everyone to know I am 
willing to get this done, but I need a dance partner.
  The PRESIDING OFFICER. The majority leader.
  Mr. REID. Mr. President, we have been negotiating now for 36 hours or 
thereabouts. We did have conversations last night that ended late in 
the evening between the staffs. This morning we have been trying to 
come up with some counteroffer to my friend's proposal. We have been 
unable to do that.
  I have had a number of conversations with the President. At this 
stage, we are not able to make a counteroffer. The Republican leader 
has told me that--he just said here that he is working with the Vice 
President. I wish them well. In the meantime, I will continue to try to 
come up with something, but at this stage, I do not have a counteroffer 
to make. Perhaps as the day wears on, I will be able to.
  I will say that I think the Republican leader has shown absolute good 
faith. It is just that we are apart on some pretty big issues.
  Mr. GRASSLEY. Mr. President, today, the Senate turns to the 
nomination of William Joseph Baer, of Maryland, to be an Assistant 
Attorney General. If confirmed he will head the Antitrust Division of 
the Department of Justice. In considering the confirmation of the 
President's nominees, I give the President great deference. I believe 
he should have great latitude in selecting his advisors and officers. 
But that does not mean that I will not make an independent 
determination of the nominee's qualifications and fitness for the job. 
I am not here to merely rubberstamp the President's desires. Factors 
that I consider relevant include respect for the Constitution, fidelity 
to the law, intellectual ability, personal integrity, and professional 
competence. In reviewing Mr. Baer's entire record, I was disappointed 
to find he does not meet this test. Therefore I will vote no on his 
confirmation.
  Mrs. FEINSTEIN. Mr. President, I come to the floor to express my 
support for Carol Galante, who is from my home State of California, in 
her nomination for Commissioner of the Federal Housing Administration 
and Assistant Secretary for Housing.
  The FHA Commissioner is directly responsible for oversight of the FHA 
insurance portfolio, which includes single family, multifamily housing 
and insured health care facilities. Carol Galante has been serving in 
an acting capacity since last year, but it is critical that she be 
confirmed by the Senate today.
  While Acting FHA Commissioner, Carol Galante has made improvements to 
the long term health and position of the FHA. It is important that we 
confirm her to this position because continuing in an acting capacity 
adds to overall uncertainty in the market regarding the role of the 
FHA.
  In the wake of the collapse of the housing bubble, the FHA has played 
a vital role in providing access to credit for worthy homebuyers 
looking to purchase a home. As the private mortgage insurance market 
pulled back, the FHA has stepped in to make sure that credit-worthy 
borrowers have the ability to get a mortgage.
  Carol Galante has taken steps as the Acting Commissioner to help FHA 
better manage risk, bolster the Mutual Mortgage Insurance Fund and 
streamline programs to better enable FHA to fulfill its mission of 
contributing to the creation and growth of stable, sustainable, 
inclusive communities.
  This includes placing a moratorium on the troubled full drawdown 
reverse mortgage program, increasing underwriting standards for riskier 
borrowers, and increasing down payment requirements and insurance 
premiums for higher balance mortgages.
  I believe that these steps will help enhance the future solvency of 
the FHA while allowing the agency to fulfill its mission of providing 
low-income and first time homebuyers with access to affordable mortgage 
credit.
  Carol Galante had decades of work experience in affordable housing 
development before she went to HUD to manage FHA's multifamily 
programs; this gives her a unique perspective on the issues facing our 
Nation's housing and mortgage markets.
  In addition to her early work in the private sector in real estate 
development, ownership, and management, she worked for a number of 
California cities as a city planner and in community economic 
development.
  These roles led to her eventual position for 25 years as president 
and chief executive of BRIDGE Housing Corporation, the largest 
nonprofit developer of affordable, mixed-income and mixed-use 
developments in California. While at BRIDGE, she helped create 
partnerships between government, private industry and nonprofits.
  This blend of public and private experience has been extremely 
valuable for the Federal Housing Administration as it deal with both 
the private loan and mortgage industry.
  Given her demonstrated and unique experience in the housing market, I 
strongly urge the confirmation of Carol J. Galante as Federal Housing 
Administration Commissioner and Assistant Secretary for Housing.