Political Quotes

“Today we are voting on the HEROES Act, two days after the Chairman of the Federal Reserve Board, Jerome Powell very bluntly stated that the Federal Reserve has exhausted its capacity to maintain liquidity in our financial markets, and that given the severity of this recession, the Congress needs to step up again to provide more fiscal relief to keep this country from going into a tailspin. He went on to say a protracted recession will do far more damage than the cost of the measures we're voting on. He was very explicit--fiscal policy is going to be costly, but the harm that would be done if we undershoot providing relief for individuals, households, and communities will be far more expensive in the long term than if Congress acts in a timely fashion. This bill does a number of things--it is a lengthy bill, but fundamentally it provides support for states and local communities to keep the lights on in terms of vital public services, and deal with the fact that revenue is collapsing with the economic downturn we are experiencing. The bill includes a bipartisan request from the National Governors Association for $500 billion to states hard hit by the Coronavirus. The State of Connecticut, which has done a great job in terms of shoring up its rainy day fund is going through those funds at a very rapid rate, and this measure will help stabilize state and local finances over two years.…”