Sen. Cassidy: Calling Rescue Bill A Slush Fund Undermines Bipartisan Trust

Sen. Cassidy: Calling Rescue Bill A Slush Fund Undermines Bipartisan Trust

Sen. Bill Cassidy (R-LA) hits back at Democrats using the term “slush fund” to describe the Republican rescue package. Cassidy said this is a set of money where the Treasury Department decides where it goes and that these are loans and not bailouts.

SEN. BILL CASSIDY (R-LA): That is totally a misrepresentation of the process, Ali. And it has become partisan that people have presented it as such. The airline is its own set of industry. By the way, these are loans, they are not bailouts, period end of story. The other sum of money would go to the Federal Reserve that would, as I understand it, I’m a gastroenterologist, not a finance PhD, but would then give loan guarantees to sectors, to sectors. So it would be to the hospitality sector, to the non-profit sector, to the manufacturing sector.

These will be, if you will, guarantees to banks to lend. Therefore, leveraging dollars as much as 8 to 1. It isn’t a slush fund, it is a set of dollars that are transferred to Treasury for this purpose. To label it as a trust fund is trying to undermine trust in a bipartisan bill. The way this bill was written, five different working committees of both parties, with the Speaker having a chance to veto, weighed in, came up with five different segments of a bill and put them together, and now it’s being called partisan and a slush fund. That’s by Schumer, their leadership, that’s not the way it was crafted…

If you look at some of the demands Pelosi has put out there, for example, that we need to have aircraft-specific emissions data, that’s one of her demands, that every aircraft have emissions data profile to be submitted. That’s a demand. We have people losing their jobs as we speak and she’s negotiating for aircraft-specific emissions data. Now, climate change is an issue we must address. I’m not sure now is the time to be going through that public policy, when people are losing their jobs and nurses and doctors need frontline support.

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