[Congressional Record Volume 167, Number 17 (Thursday, January 28, 2021)]
[Senate]
[Page S182]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              CORONAVIRUS

  Mr. SCHUMER. Now on COVID, Madam President, quickly, this Chamber 
must also consider additional relief for the American economy and the 
American people suffering from the prolonged effects of COVID-19. 
Congress must pursue a bold and robust course of action to defeat the 
disease, recover our economy, and get our country back to normal. 
Again, our country requires bold and robust action.
  A trio of economic news items this week has underlined the glaring 
needs in the country.
  First, the Federal Reserve issued a sobering warning yesterday that 
the pace of economic recovery is weakening, and as a result, they 
decided to leave interest rates low.
  Second, the unemployment report this morning reminded us that jobless 
claims are still extremely high--at or near 1 million per week. That is 
a lot larger than usual.
  Third and maybe most astoundingly, most striking, the Bureau of 
Economic Analysis this morning revealed that last year, the economy 
shrank by 3.5 percent--the worst year for economic growth since World 
War II and the first time our economy has contracted since the great 
recession.
  Given these economic numbers, the need to act big and bold is urgent. 
Given the fact that the GDP sunk by 3.5 percent last year, we need 
recovery and rescue quickly. Everywhere you look, alarm bells are 
ringing--mortgage deferrals are increasing, businesses are still 
closing, schools are closed in many States, restaurants and bars and 
travel are in crisis.
  Our new Secretary of Treasury, Janet Yellen, who was days ago 
confirmed with the support of 84 Members of this body and a large 
majority of our Republican colleagues, just told us that ``with 
interest rates at historic lows, the smartest thing we can do is act 
big.'' That is what Yellen said. ``[T]he smartest thing we can do is 
act big.''
  Given these numbers, given the weakening state of the economy, only 
big, bold action is called for. To cut things dramatically at a time 
when the economy needs a boost would be irresponsible and hurt millions 
of people.
  We are in the midst of a once-in-a-century crisis. It requires a 
once-in-a-century effort to overcome it. The dangers of undershooting 
our response are far greater than overshooting. We should learn the 
lesson from 2008 and 2009, when Congress was too timid and constrained 
in its response to the global financial crisis and it took years--
years--for the economy to get out of recession. We must not repeat that 
mistake today.
  So the Senate, as early as next week, will begin the process of 
considering a very strong COVID-relief bill. Our preference is to make 
this important work bipartisan, to include input, ideas, and revisions 
from our Republican colleagues or bipartisan efforts to do the same. 
But if our Republican colleagues decide to oppose this urgent and 
necessary legislation, we will have to move forward without it. We have 
a responsibility to help the American people fast, particularly given 
these new economic numbers. The Senate will begin that work next week.
  I yield the floor.
  I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. McCONNELL. Madam President, I ask unanimous consent that the 
order for the quorum call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.

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