IT HAS BEEN ABOUT SEVEN WEEKS SINCE LIFE AS WE KNEW IT IN THE
UNITED STATES WAS DRASTICALLY ALTERED BY THE NEW CORONAVIRUS.
AND THIS WEEK, CONGRESS, BY A NEAR UNANIMOUS VOTE, APPROVED
ADDITIONAL EMERGENCY SPENDING $484 BILLION MORE.
I SPOKE EARLIER TODAY WITH REPRESENTATIVE RICHARD NEAL, OF
MASSACHUSETTS' FIRST CONGRESSIONAL DISTRICT ABOUT
THAT VOTE, AND THE DRASTICALLY DIFFERENT CIRCUMSTANCES UNDER
WHICH IT WAS TAKEN.
>> WELL, I THINK THAT WE WERE GUIDED THROUGH THE GOOD WORKS
AND ADVICE OF THE SERGEANT AT ARMS AND THE HOUSE ATTENDING
PHYSICIANS.
SO WE WERE WELL ADVISED AS TO HOW WE SHOULD SIT, AGAIN, SOCIAL
DISTANCING, SIX FEET FROM EACH OTHER.
AND AS THE DEBATE TOOK PLACE, MEMBERS WERE ENCOURAGED NOT TO
SIT ON THE FLOOR FOR SOME OF THE USUAL BANTER THAT TAKES PLACE
BACK AND FORTH, WHERE ACTUALLY A LOT OF LEGISLATING DOES OCCUR.
AND THEN AS THE KIND OF ARGUMENTS WERE BEING MADE ON THE
FLOOR, MEMBERS WERE CALLED UPON FROM THEIR OFFICE TO COME AT AN
APPOINTED TIME, AND THEN THEY WERE GIVEN A SPECIFIC AMOUNT OF
TIME THAT WAS ALLOCATED TO THEM FOR THE DEBATE.
AND THE BY THE TIME WE GET AROUND TO THE ACTUAL VOTING, IT
WAS DONE IN SIX TRANCHES.
WHERE MEMBERS ALPHABETICALLY WERE ASKED TO COME IN AS PERHAPS
MAYBE 30 OR 40 AT A TIME AND WHEN THAT WAS EXHAUSTED, THE
SERGEANT AT ARMS ALERTED EACH OFFICE AS TO WHEN THE MEMBERS
SHOULD PROCEED IN THE NEXT FILING.
SO I MUST TELL YOU, I'VE HAD SOME UNUSUAL EXPERIENCES, BUT
THIS WILL BE KNOWN AS ONE OF THE MOST CRITICAL.
>> AND EVERYONE WEARING MASKS FROM THE IMAGES I SAW YESTERDAY.
AND A REALLY POIGNANT IMAGE.
>> THAT'S AN INTERESTING POINT, BECAUSE MANY OF US DID WEAR
MASKS.
IT WAS SUGGESTED THAT AS LONG AS YOU KEPT THE MICROPHONE IN FRONT
OF YOU, AS WELL AS THE LECTERN CLEAN USING WIPES, THAT YOU
COULD REMOVE THE MASK FOR THAT PURPOSE.
THERE WERE SOME MEMBERS WHO DECIDED THAT THEY WOULD NOT
CHOOSE TO USE THE MASK AS THEY SAT IN THE CHAMBER.
AND THAT WAS AGAINST GUIDANCE THAT HAD BEEN OFFERED BY THE
HOUSE ATTENDING PHYSICIAN.
>> INTERESTING.
I WASN'T AWARE OF THAT.
I ONLY SAW THE IMAGES OF THE PEOPLE ACTUALLY WEARING THE
MASKS AND THE IMAGE OF THE SPEAKER OF THE HOUSE NANCY
PELOSI SIGNING OFF AND YOU IN THE BACKGROUND, EVERYONE WEARING
MASKS.
AND THIS WAS PASSED BY ALMOST NEAR UNANIMOUS SUPPORT.
YOU DID SUPPORT THE MEASURE.
IT'S $484 BILLION ADDITIONAL.
WHY WERE YOU IN SUPPORT OF IT?
>> IT'S ACTUALLY A CHALLENGE, BUT IT'S ALSO AN EASY ANSWER.
AND IT IS CLEAR THAT THE MONEY FOR THE PAYCHECK PROTECTION
PROGRAM HAD BEEN EXHAUSTED IN 12 DAYS, $350 BILLION.
AND THAT NEEDED TO BE REFURBISHED.
IN ADDITION, WE WERE ABLE TO WIN A COUPLE OF VERY SIGNIFICANT
CONCESSIONS.
THOSE CONCESSIONS ARE PART OF WHAT YOU DO IN LEGISLATIVE LIFE.
YOU COMPARE AND CONTRAST LEGISLATION THAT MIGHT MOVE OVER
FROM THE UNITED STATES SENATE OR IN THIS CASE I WOULD SIMPLY SAY
THE OTHER CHAMBER.
THE CONCESSIONS THAT WE WON WAS A PRETTY SUBSTANTIAL EXPANSION
OF MONEY FOR OUR HOSPITALS, AN ADDITIONAL $75 BILLION, AND THEN
AN ADDITIONAL $25 BILLION FOR TESTING.
WE ARE NOT GOING TO BUILD CONFIDENCE TO GET PEOPLE BACK
INTO THE WORKPLACE UNTIL THERE IS A SUFFICIENT LEVEL OF
SATISFACTION THAT THEY CAN GO BACK TO THE WORKPLACE, AND I
THINK IN THIS CASE IT'S TESTING, TESTING, TESTING.
THE LEGISLATIVE INITIATIVE THAT WAS PASSED YESTERDAY, I WOULD
DESCRIBE IT AS PART OF STABILIZATION AND RELIEF.
ACTUALLY, COVID 3.5.
I AM NOW PREPARED AS I WRITE LEGISLATION TO PROCEED TO WHAT I
THINK WILL BE THE NEXT ROUND AND I ALSO THINK THAT WILL BE PART
OF RELIEF AND STABILITY.
SOMETHING VERY IMPORTANT TO REMIND THE VIEWING AUDIENCE THAT
THROUGH THIS PROCESS, WE HAVE COME TO ASSUME THAT A V-SHAPED
ECONOMIC RECOVERY WILL ONLY OCCUR IF, IN FACT, WE ADHERE TO
AND EMBRACE THE PRECAUTIONARY MEASURES THAT HAVE BEEN OFFERED
BY PROFESSIONALS AND CAREERISTS, INCLUDING DR.
FAUCI.
SO WE CAN BUILD THE UNDERGIRDING FOR ECONOMIC SUPPORT, BUT THAT
WON'T OCCUR SATISFACTORILY IN TERMS OF ECONOMICS UNTIL, IN
FACT, PEOPLE HAVE THE NECESSARY HOPE AND CONFIDENCE TO GO BACK
TO THE WORKPLACE.
>> I DO WANT TO GET INTO THE SPECIFICS OF A FEW OF THOSE
MEASURES, THE FUNDING MEASURES YOU SPOKE TO.
FIRST, I WANT TO BRING UP SOMETHING.
YOUR CHALLENGER ALEC MORRIS WHO'S RUNNING AGAINST YOU IN
THIS UPCOMING NOVEMBER ELECTION AS YOU KNOW DISAGREES WITH YOUR
SUPPORT OF THIS MEASURE AND HE SAID IN A STATEMENT IN PART
THIS, QUOTE, MY OPPONENT HAS POWER AS CHAIR OF WAYS AND MEANS
BUT USES IT TO PROTECT THE FINANCIAL SECURITY OF
CORPORATIONS INSTEAD OF PROTECTING WORKING FAMILIES AND
VULNERABLE ESSENTIAL WORKERS.
YOU KNOW, THERE WERE ITEMS IN THE PACKAGE THAT WERE WANTED,
BUT DIDN'T END UP IN THIS.
SHOULD YOU HAVE VOTED NO?
>> THERE WAS ONE DEMOCRATIC IN THE HOUSE OF REPRESENTATIVES WHO
VOTED NO.
>> MS.
CORTES VOTED AGAINST IT.
>> HIS POSITION IS NONSENSE, EVERYBODY KNOWS IT.
WE INTEND TO LAY OUT IN THE CITY OF HOLYOKE SPECIFICALLY WHO HAS
TAKEN ADVANTAGE OF THE PAYCHECK PROTECTION ACT.
IN ADDITION, THIS IS REALLY NOT A TIME FOR POLITICAL DEBATE.
THIS IS ABOUT THE HEALTH AND WELLBEING OF THE AMERICAN PEOPLE
AND THE LAST POINT THAT I WOULD MAKE, HAVING A DEGREE IN
POLITICAL SCIENCE, IS THE FOLLOWING.
DEMOCRATS CONTROL ONE THIRD -- I'M SORRY, ONE HALF OF ONE THIRD
OF THE FEDERAL GOVERNMENT.
SO WE HAVE TO NEGOTIATE WITH A PARTY IN THE UNITED STATES
SENATE THAT HOLDS A DIFFERENT POINT OF VIEW.
THIS NEGOTIATION WAS A VICTORY FOR THE AMERICAN PEOPLE AND I'M
QUITE SATISFIED WITH WHAT I DID, BUT HERE'S THE WAY TO THINK OF
THIS.
THAT OF ALL THE DEMOCRATS IN THE HOUSE, WE TOOK THE POSITION THAT
WAS CONSISTENT WITH ONE DISSENTER.
THAT'S IT.
>> YOU MENTIONED A MOMENT AGO THE PAYCHECK PROTECTION PROGRAM.
THE ASSOCIATED PRESS REPORTED THIS WEEK THAT PUBLICLY TRADED
FIRMS RECEIVED $365 MILLION IN MONEY THAT WAS MEANT FOR SMALL
BUSINESSES.
WHAT WENT WRONG?
>> I THINK THE GUIDANCE FROM THE TREASURY DEPARTMENT WAS AWRY.
I THINK SECRETARY MNUTHIN WHOM I DISCUSSED THIS WITH LAST
SATURDAY MORNING, I EXPRESSED TO HIM CLEARLY THAT WAS NOT THE
INTENTION OF THE PAYCHECK PROTECTION ACT, IT WAS A
CAREFULLY NEGOTIATED POSTURE THAT WE THOUGHT WOULD COME TO
THE AID OF THOSE BUSINESSES WITH 500 OR FEWER EMPLOYEES.
WHAT HAPPENED HERE IS I THINK SOME BIG EMPLOYERS USED THE
ROUTE OF SUBSIDIARIES TO PROCLAIM THAT THEY FELL WITHIN
THE GUIDELINES OF 500 EMPLOYEES.
NOW, WHAT'S IMPORTANT TO ALSO UNDERSTAND IS THAT THE SECRETARY
HAS BEEN IN TOUCH WITH THOSE COMPANIES WHO HE BELIEVES ARE
NOT IN COMPLIANCE WITH THE LAW AND HE HAS ASKED FOR THE MONEY
BACK.
HE HAS ALSO INDICATED THAT THE JUSTICE DEPARTMENT WILL
CAREFULLY REVIEW THE CIRCUMSTANCES IN WHICH THE MONEY
WAS SENT.
SO I THINK WHEN YOU WRITE LEGISLATION OF THIS MAGNITUDE,
IN ALL OF EIGHT DAYS, THAT THERE ARE GOING TO PERHAPS BE SOME
MOMENTS OF OVERREACH, BUT NOT TO MISS THE POINT, THE LONG ARM OF
JUSTICE WILL MAKE SURE THAT THAT MONEY IS RETRIEVED.
>> SO MOVING FORWARD, WILL THE MONEY GO TO THE SMALL BUSINESSES
THAT IT WAS INTENDED?
ARE YOU CONFIDENT THOSE ADJUSTMENTS HAVE BEEN MADE TO
THE MONEY?
>> VERY CONFIDENT, AS A MATTER OF FACT.
RECALL THAT IN THIS ROUND, I THINK ONE OF THE LESSONS THAT WE
EMBRACED WAS THE FOLLOWING.
ABOUT $60 BILLION IN THIS NEW PACKAGE WILL BE SET ASIDE FOR
THOSE BUSINESSES THAT HAVE SINGLE OWNERS, GENERALLY
EMPLOYERS THAT HAVE UNDER 10 EMPLOYEES.
MINORITIES, WOMEN, VETERANS, AGRICULTURE, ALL OF THOSE WILL
BE INCLUDED IN THIS NEXT ROUND, BUT WHAT'S IMPORTANT TO REMEMBER
HERE IS THAT THERE HAVE BEEN 1.6 MILLION LOANS THAT HAVE BEEN
ADMINISTERED IN THE FIRST ROUND.
SO MY GUESS IS THAT I BELIEVE THAT MUCH OF THIS SET-ASIDE WILL
BE VERY HELPFUL TO THOSE WHO WERE INTENDED BY THE MISSIONARY
STATEMENT OF THE LEGISLATION TO SECURE THE LOANS.
>> THE CARES ACT ALSO PROVIDES MORTGAGE PROTECTION, AS YOU
KNOW, FOR THOSE WHO REALLY DON'T HAVE THE FUNDS RIGHT NOW TO PAY
THEIR MORTGAGE, GIVES THEM A BREAK FOR A FEW MONTHS, BUT
THERE WERE REPORTS OUT THIS MORNING THAT SOME LENDERS ARE
TELLING THEIR BORROWERS THAT THERE'S A BALLOON PAYMENT AT THE
END OF THAT.
ONE FAMILY REPORTED A $14,000 PAYMENT THAT WILL NEED TO COME
DUE IF THAT'S TRUE FOR THEM.
SHOULD CONGRESS STEP IN AND SAY LOOK, THOSE MORTGAGE PAYMENTS
THAT AREN'T BEING PAID IN THESE FEW MONTHS SHOULD BE TACKED ON
TO THE END. AND NOT IN THE FORM OF A BALLOON
PAYMENT.
>> WE THINK THERE SHOULD BE SOME ELEMENT OF FORBEARANCE HERE AND
I BELIEVE THAT CLEARLY, AND I ALSO THINK THAT SOME RELIEF FOR
THOSE INDIVIDUALS IS VERY IMPORTANT.
RECALL THAT WE ARE ONLY PART OF THE WAY UP THE HILL AS WE GO
FORWARD ON THIS ENTIRE LEGISLATION SO I WOULD HOPE THAT
WE WOULD COME TO THE AID OF THOSE WHO FOR REASONS WELL
BEYOND THEIR CONTROL HAVE FALLEN BEHIND IN MORTGAGE AND/OR RENT
PAYMENTS.
>> THE BILL THAT YOU SIGNED OFF ON YESTERDAY AS THE MAJORITY OF
MEMBERS OF CONGRESS DID INCLUDES THAT MONEY, THE $75 BILLION FOR
HOSPITALS AND COMMUNITY HEALTH CENTERS THAT YOU REFERENCED AT
THE BEGINNING OF OUR INTERVIEW AND I ALSO UNDERSTAND THAT YOU
SENT A LETTER TO THE HEALTH AND HUMAN SERVICES SECRETARY, ALEX
AZAR REQUESTING A SHIFT IN THE WAY THAT THE MONEY IS DISBURSED
AND YOU WOULD LIKE THE MONEY TO BE SHIFTED AS I UNDERSTAND IT TO
MEDICAID PAYMENT LOANS.
WY WOULD YOU LIKE THAT ADJUSTMENT TODAY?
>> I THINK WHAT WE HAD TO DO BECAUSE OF THE RAPIDITY OF THE
CHALLENGE IN FRONT OF US, WE HAD TO PROCEED ALONG THE LINES OF
WHAT WAS AVAILABLE, THE IRS, GETTING CHECKS INTO THE HANDS OF
INDIVIDUALS.
WE HAD A TAX I.D.
NUMBER.
PLUS, WE HAD DIRECT DEPOSIT.
SOCIAL SECURITY ADMINISTRATION, WE HAD A DIRECT LINE, DIRECT
DEPOSIT AGAIN, AND SOCIAL SECURITY NUMBERS.
THOSE CHECKS HAVE GONE OUT. 80 MILLION PEOPLE HAVE RECEIVED
THOSE CHECKS.
IN THE FIRST ROUND OF THE $100 BILLION, $30 BILLION OF WHICH
WAS TRANCHED, I SPOKE WITH THE SECRETARY TWO DAYS AGO ON THAT,
THERE'S ANOTHER CONSIDERATION.
BECAUSE AGAIN OF SPEED AND BALANCE, WHAT WE WERE ABLE TO DO
IS GET THAT MONEY TO THE HOSPITALS THAT USE A MEDICAID
I.D.
NUMBER.
NOW FOR THIS ROUND OF THE NEXT $30 BILLION AND BY THE WAY, THEY
WILL BEGIN TO SEE THIS BY WEDNESDAY OF NEXT WEEK WHEN
WE'LL HAVE A BETTER ACCOUNTING.
THAT MONEY BILL GO ALONG THE LINES OF THE MEDICAID
RECIPIENTS.
MANY OF OUR HOSPITALS ARE MEDICARE AND MEDICAID DEPENDENT.
AND WHAT'S IMPORTANT HERE IS TO UNDERSTAND THAT EVEN IN THESE
HOSPITALS IN WESTERN CENTRAL MASSACHUSETTS, AT LEAST HALF
THEIR REVENUE COMES FROM MEDICARE AND MEDICAID.
WHAT IS A CHANGE IN THE MARKETPLACE IS THAT IN A COUPLE
OF INSTANCES, MAYBE THREE OR FOUR, A FEW OUR HOSPITALS ARE
MORE MEDICAID DEPENDENT THAN THEY ARE MEDICARE DEPENDENT.
AND WITH THE BALANCE SHIFTING THAT WAY, WE DECIDED TO POINT
OUT TO THE SECRETARY THAT THE NEXT ROUND HAD TO BE FOR THOSE
WHO ARE HEAVILY DEPENDENT ON MEDICAID SO THAT WILL DIRECTLY
COME TO THE AID, AS WELL.
IT'S NOT A SUBSTITUTE FOR.
IT'S IN ADDITION TO, WHAT WE DO WITH MEDICARE, BUT THAT MONEY
WILL NOW PROCEED MORE IN THE DIRECTION OF HOSPITALS LIKE
HOLYOKE, MERCY, HARRINGTON, AND WE BELIEVE BERKSHIRE MEDICAL
CENTER, AS WELL.
SO THOSE ARE PARTS OF THE CONSIDERATION.
AND I MUST POINT SOMETHING OUT HERE.
THE HOSPITAL AID WAS LINKED TO THE PAYCHECK PROTECTION ACT.
THE MONEY FOR TESTING, SO IF ONE IS TO SAY THAT THEY'RE NOT GOING
TO VOTE FOR SOMETHING LIKE THIS, THEN WHAT YOU'RE ESSENTIALLY
SAYING IS THAT YOU WOULD NOT VOTE TO ASSIST THOSE HOSPITALS
AND PROVIDE $75 BILLION MORE OF ASSISTANCE AND YOU WOULD NOT
VOTE FOR THE PURPOSE OF PROVIDING $25 BILLION FOR MORE
TESTING.
THIS IS A MOMENT WHEN WE NEED TO BE RESPONSIBLE AND WE NEED TO
EMBRACE POLICIES THAT ARE SATISFACTORY TO THE AMERICAN
PEOPLE.
>> CONGRESSMAN, WE'RE SHORT ON TIME.
HERE WE ARE ABOUT SEVEN WEEKS INTO THIS CRISIS.
CONGRESS HAS RELEASED ALMOST $3 TRILLION WORTH OF AID IN THOSE
SEVEN WEEKS AND UNDERSTANDING THAT THESE ARE EXTREMELY
DIFFICULT AND UNPRECEDENTED TIMES, HAVE YOU THOUGHT ABOUT
HOW MUCH DEBT YOU THINK THIS COUNTRY SHOULD OR MAY AMASS
DURING THIS CRISIS?
>> WELL, THIS IS NOT ABOUT ECONOMIC MALFEESENS.
THIS IS NOT ABOUT CORRUPTION.
THIS IS ABOUT AN INTERNATIONAL HEALTH ISSUE -- HOW DID WE
EMBRACE THE NATIONAL PRINCIPLE AND THE NATIONAL PRINCIPLE SAYS
WE COME TO THE AID OF PEOPLE WHO NEED IT MOST IN AMERICA AND
THAT'S THE MANNER AND SHAPE WE SHOULD PROCEED.
TREASURIES ARE AT NEAR LOWS, AND THE FEDERAL RESERVE BOARD HAS
SAID THEY CAN MANAGE THE OUTSTANDING DEBT AS WELL AS THE
SECRETARY OF THE TREASURER RECALLING THAT CONGRESS DOES
FISCAL POLICY.
THE FED DOES MONETARY POLICY AND WE ARE IN ACCORD UNTIL WE GET TO
THE OTHER SIDE OF THIS.
THERE ARE GOING TO HAVE TO BE SOME PLACES WHERE PEOPLE MIGHT
FEEL AS THOUGH WE COULD DO OTHER THINGS, BUT NOT TO MISUNDERSTAND
THE NATURE OF THE CHALLENGE THAT'S IN FRONT OF US.
SO I AM OKAY WITH WHAT WE'VE DONE TO THIS POINT.
♪ ♪