Patrick Toomey actually said...
I think when the Fed, indirectly through bank intermediaries, nevertheless directly is effectively purchasing the debt that we are issuing on a massive scale, something on the order of two-thirds of the deficit that we are running this year, it certainly looks a lot like monetizing it to me.
Context
Toomey argues that the Fed's actions resemble debt monetization amid high deficits.
03/07/2011