[Congressional Record (Bound Edition), Volume 154 (2008), Part 15]
[Senate]
[Pages 20057-20058]
[From the U.S. Government Publishing Office, www.gpo.gov]




                                SCHEDULE

  Mr. REID. Mr. President, when we finish leader time, we are going to 
proceed to a period of morning business to allow Senators to speak for 
up to 10 minutes each. The minority will control the first half hour, 
the majority the second 30 minutes. Following morning business, we will 
proceed to the consideration of H.R. 6049, the tax extenders 
legislation. There is an order that has been entered that we will 
finish that legislation today.
  We have been in discussion with the Republicans, and it is to 
everyone's best interest to not have any votes before the noontime 
caucuses, the reason being, at 9:30 a.m., a hearing started in the 
Banking Committee. Secretary Paulson and Chairman Bernanke are there. 
The full committee will be there. They will all want to ask some 
questions. I believe this hearing will not finish before lunchtime. 
There has been word it might even go on after lunch. We will wait and 
see what Chairman Dodd and Ranking Member Shelby come up with in that 
regard.
  We are going to finish this legislation. We hope we can complete most 
all the debate this morning and start voting this afternoon. I hope 
that, in fact, is the case.
  The House is going to take up the continuing resolution tonight. I 
think they are going to file it tonight, and I think they are going to 
try to waive the 48-hour rule and have that vote maybe as early as 
tomorrow. That is on the CR. We also expect to be receiving an economic 
recovery package from them shortly.


                              The Economy

  With the financial crisis facing this country today, we are all 
waiting to see what happens in the Banking Committee. Everyone is a 
Monday morning quarterback. We have former Speaker Gingrich who is 
stating Senator McCain should not support this legislation, it would be 
wrong to do that. We are just going to wait and see.
  I think everyone has been convinced that we have a financial crisis 
on our hands. The question is, What do we do about it? I cannot speak 
for everyone on this side of the aisle, but we think there should be 
something done as quickly as possible. Does that mean tomorrow? No, I 
don't think so. It means we should be deliberate in what we do but 
certain that what we are doing is the right thing to do.
  There has been certain agreement. There has to be something done 
about executive compensations. The American people are demanding that. 
That is what is happening, in all the calls to my office. Certainly all 
of the Senators would say the same. There has to be some way of 
recouping some of these moneys the Government is paying to buy these 
bad loans so that there is some ownership in it from the Federal 
Government if money is made on these, and taxpayers should be 
compensated. There is a question that the original proposal had 
language in it that would have allowed foreign banks to be, in effect, 
taken care of. The American people are concerned about that.
  We are waiting for the hearing. There may be reasons for the very 
short proposal the administration sent to us. Maybe that is all that 
should happen. But if people are getting the same message I am, there 
is going to have to be some changes. We believe this should be done on 
a bipartisan basis, that it

[[Page 20058]]

should be done in keeping with the emergency we have before us.
  In effect, I am saying let's wait until the hearings are over. 
Hopefully, at that time, the two banking chairs, with their ranking 
members, Frank and Dodd, can point us in the right direction so we can 
complete this legislation in a reasonable period of time.
  I will also indicate to the minority that I am ready to move forward 
on the consent agreements regarding the Coburn matters.
  What I have been told is Senator Bond is going to speak for--how 
long?
  Mr. BOND. Maybe 15 minutes.
  Mr. REID. What I will do, Mr. President, is I will wait until Senator 
Bond has completed his statement. I see the Republican leader is here. 
I ask unanimous consent that following the remarks of Senator McConnell 
and any that I wish to make, Senator Bond be recognized for 15 minutes 
and then, following his statement, I be recognized to do my business 
with Dr. Coburn.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.

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