[Congressional Record (Bound Edition), Volume 154 (2008), Part 18]
[Senate]
[Page 24164]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         ECONOMIC STIMULUS PLAN

  Mr. REID. Mr. President, we received some more bad news today. Today 
it was reported that China has surpassed Japan as the top holder of 
United States debt. One out of every 10 dollars of American debt now 
belongs to the Chinese. As we fall further into debt, our climb back 
from recession to economic prosperity grows steeper. But in light of 
these challenges, there is no reason for Congress to wait until January 
to do some things that will help the economy. We know that before the 
Senate is a comprehensive stimulus plan. I will be discussing ways of 
proceeding on that, or not proceeding on that, with my friend, the 
Republican leader. Our legislation was worked out with the 
Appropriations, Finance, and Agriculture Committees. This legislation 
would invest in infrastructure, extend unemployment insurance, provide 
food stamps and fiscal relief for States to prevent States from being 
forced to cut services and raise taxes more than they already have, and 
it would be providing aid to the ailing United States auto industry.
  It is important to understand that the authority to provide funds to 
the auto industry lies with the Treasury Department. The Federal 
Reserve can also provide these funds. As the Senate considers whether 
to pass an auto aid package, whether this legislation or other 
legislation, we all need to remember that we are simply deciding 
whether Congress will apply additional terms to the funds that the 
Treasury Department can and should ultimately provide. In fact, 
Congress need do nothing. Treasury can put whatever restrictions they 
choose on that.
  I hope we can pass legislation to aid the auto industry this next day 
or two. If we cannot do it here legislatively, I hope the Secretary of 
Treasury listens loudly and clearly, because they can take this into 
their own hands and do what they think is appropriate from their 
perspective.

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