[Congressional Record Volume 166, Number 216 (Saturday, December 19, 2020)]
[Senate]
[Pages S7832-S7833]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                              Coronavirus

  Mr. SCHUMER. Mr. President, ever since a remarkable bipartisan rescue 
package in March, the CARES Act, and a subsequent bill to replenish 
those programs, getting further aid to the American people has been a 
long and arduous effort. It is no secret that for much of the year, our 
Republican colleagues were opposed to spending any more money to help 
the American people during a once-in-a-century pandemic. Thankfully, 
the Republican leadership recently accepted the bipartisan Gang of 8's 
framework as the basis for negotiations for an emergency bill, which 
Speaker Pelosi and I have suggested, unlocking the current round of 
talks.
  Even now, at the end of this painstaking process, there have been 
some final hurdles. Crafting a $1 trillion relief package over the 
matter of a few days was always going to have its difficulties, but we 
are running out of time.
  After passing yet another continuing resolution yesterday evening, we 
have until Sunday at midnight to secure a final agreement, draft the 
legislation, and move it through both Chambers of Congress with 
alacrity. I agree with the Republican leader on this: We need to 
deliver an outcome and deliver it quickly.
  We continue to make progress. I believe there is good faith from all 
four corners of congressional leadership to finalize an agreement very 
soon. Even though there are several issues that haven't been closed out 
yet, we continue to make good progress on all issues but one.
  The No. 1 outstanding issue is a proposal by the Republican Senator 
from Pennsylvania. This proposal is a new entrant. It hadn't been an 
important feature of our negotiations over the past few weeks. Only in 
the past few days have Senator Toomey and Senator McConnell introduced 
this specific provision and made it clear they feel strongly about it.
  Senator Toomey's new proposal would potentially prohibit the Treasury 
and the Fed from setting up new emergency lending facilities moving 
forward, greatly reducing their ability to respond to economic crises. 
Again, this is something that materialized only in the past few days 
and would leave the Treasury and the Fed with less authority than it 
had even prior to the pandemic.
  Quite simply, Senator Toomey's proposal would do more than just 
prevent the next Treasury Secretary and Fed Chair from using the 
emergency lending programs that saved our economy and stabilized 
markets back in March and April. It could potentially prevent them from 
setting up new facilities that look, or even smell like, those programs 
moving forward.
  Democrats do not agree with it. Economists from across the political 
spectrum warned that Senator Toomey's legislation would cripple our 
government's ability to respond to a deteriorating economy. The Chair 
of the Federal Reserve, Jay Powell, hardly a flaming liberal, is 
likewise strongly opposed to the Toomey provision.
  Senator Toomey's proposal goes way beyond what Leader McConnell 
proposed in his HEALS Act. The worry that this Toomey proposal is 
supposed to address is the need to prevent the Treasury and Fed from 
using their authority willy-nilly to do whatever the new President 
wanted. That worry is unfounded. In order to create a new emergency 
facility under the present law, you would need the support of Chairman 
Powell, a conservative man, and the five members of the Fed Board, a 
conservative body.
  Under current law, an emergency lending facility could get approval 
only in a true emergency. Senator Toomey's legislation creates barriers 
to emergency lending that go far beyond current law and tries to solve 
a problem that doesn't exist.
  Publicly, Senator Toomey--I read an article in POLITICO--has 
expressed his

[[Page S7833]]

concern only about winding down the emergency lending facilities 
established in the CARES Act. If that is what he is genuinely concerned 
about, there is a path to compromise. But his proposal goes much 
further and includes prohibitions on the Treasury and the Fed's 
authority that would handicap our recovery efforts moving forward--not 
just during this crisis but any future crisis. We cannot agree to that, 
nor is it what the Senator from Pennsylvania says he cares about. What 
he is proposing is not about COVID or helping the American people; it 
is about tying the hands of the next Treasury Secretary and the next 
Fed Chairman in a true emergency. So I hope our Republican friends can 
agree to compromise here. Senator Toomey's legislation is the only 
significant hurdle to completing an agreement, and Republicans need to 
make a decision.
  We are quickly approaching an all-or-nothing situation. Everybody 
needs to make a decision about whether we are going to pass this much 
needed relief or not and about eleventh hour demands and whether they 
are worth holding up the entire bill.
  We made great strides and great progress over a few days. You can use 
whatever football analogy you want--we are on the 5-yard line or the 1-
yard line or whatever. The truth is simple: We are close to an 
agreement, but we need to finalize it. We need to finalize it, and only 
the Toomey provision stands in the way.
  We are ready to deliver a desperately needed extension to the 
historic unemployment benefits the Democrats secured in March; direct 
survival checks to millions of American families on the brink of 
financial collapse; crucial relief to our schools, our small 
businesses, and our healthcare system; and funding to support the 
production and distribution of a vaccine.
  If we do our jobs, we will deliver the second largest Federal 
stimulus in our Nation's history, second only to the CARES Act earlier 
this year. It is still not as large or as comprehensive as the country 
needs or as our side wants, but it will be larger than even the 
Recovery Act, called ARRA, in the wake of the last financial crisis.
  We have given ourselves already an extension to finish our work. 
Let's not ask for another one. It is time for a conclusion. We have 2 
days to cross the t's, dot the i's, and come to an agreement. The 
country expects us to finish our work and deliver a result for the 
American people.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. ALEXANDER. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Johnson). Without objection, it is so 
ordered.
  Mr. ALEXANDER. Mr. President, I ask unanimous consent that the 
mandatory quorum call be waived.
  The PRESIDING OFFICER. Without objection, it is so ordered.