Hopefully recovering from covid19 so i want to take this opportunity to address the plight of an extremely vulnerable population, Political Prisoners abroad. In turkey, syria, china, and a lot of other countries, Political Prisoners remain locked away in crowded prisons without adequate medical care. The spread of covid19 among this population dramatically increases the risk of serious medical consequences or even death. Thor authoritarian regiming risk further stabilization of countries by jailing the innocent. Political prisoners ought to be released and they ought to be released now. At the beginning of march we worked to get ahead of the covid pandemic, an amazing thing happened. Congress came together quickly and developed a broad package of measures to provide relief to families, workers, and businesses to weather the covid19 event and the crisis that it is. Coronavirus aid relief and economic security, those words make up the cares act, included a broad range of tools, direct payments to individuals and families. Secondly, expanded Unemployment Insurance benefits for the unemployed. Third, landing programs for businesses of all sizes, and, fourth, targeted tax relief to help businesses continue operations and keep workers on the payroll. Our objective for the tax provisions in the cares act was twofold. First, to help individual families and businesses weather the storms caused by the stay at home governmental decisions, and secondly, lay as much of a foundation as possible for restarting the economy once businesses could start to reopen and americans could get back to work. The cares act came together through a bipartisan process and that took and that process took place over eight short days and ultimately, and amazingly, passed the senate 960 on march 25. The house passed it by voice vote two days later and President Trump signed it into law that same day. As chairman of the finance committee, my approach for tax relief was to provide as much liquidity as possible and as quickly as possible. For individuals that meant providing Treasury Department with authority to issue nearly 300 billion in Economic Impact payments to families across the nation. This Economic Impact payment was 1,200 for an individual, 2,400 for a couple, and 500 for each child that went out in checks or direct deposit. It also meant giving individuals access to cash and retirement accounts, suspending required distributions from requirement accounts already hit by steep declines in the stock market, and giving employers more flexibility to help employees with student loan payments. Many of these tools are similar to ones made available to help families recover from natural disasters in recent years so we were not reinventing policy for this pandemic. We were taking use of things we always tried before. Now these changes i just mentioned, each of these changes are tools that can be implemented very quickly to help families access the cash that they need to get through these difficult times. Now, going to the business tax relief measures our approach was to modify existing provisions of the tax code, easing limits and restrictions so that businesses could apply for these this help easily and quickly. The key was for businesses to keep cash on hand if they hadnt already filed or get refunds to give them the liquidity to keep the doors open, the machinery running, and most importantly, employees paid at least to the greatest extent possible. Most of these tax measures have been employed in previous Economic Crises and natural disasters. Again, these policies were not reinventing the wheel. We were taking advantage of things that had worked in the past. In particular we expanded the ability of businesses to use net operating losses or as we call them in tax jargon, n. O. L. s, Just Like Congress did in 2002 after 9 11 and in 2005 for taxpayers affected by hurricane katrina, and again in 2009 after the financial crisis. Those were actually bipartisan relief efforts, just like the cares act. And these provisions are temporary. Theyre designed to terminate after the recovery is in full force. While it seems longer, you have to remember the cares act was enacted just over seven weeks ago. In that time treasury has distributed Economic Impact payments far faster than expected. Americans have received approximately 140 million Economic Impact payments worth 240 billion. Over three and four tenths million Small Businesses have been approved for 500 billion in loans under the Paycheck Protection Program and businesses of all sizes have started to use the tax tools that we provided for their liquidity. But in that time the critics have also done what they do best. They criticize. The need came has seized on an opportunity to perpetuate every negative story that critics can manufacture. You can imagine my surprise when democrats criticized the net operating loss carryback provisions in the cares act. Because oddly democrats previously supported the last three bills where we expanded the net operating loss carrybacks in 2002, 2005, and even in 2009 with all democrat rule. So i dont recall in any of those instances any partisan attacks from democrats about this previously bipartisan, antirecessionary policy tools. So why now . Sadly, that irresponsibility has led our democratic colleagues in the house to pass legislation that would take back important tax tools that we have provided in the cares act to the tune of 254 billion, and thats a tax increase on the american businesses and more taxes, less employers or less employees. Its hard to understand how the House Democrats think that this policy makes any sense. Imposing tax increases when you have a downturn. Ism posing a quarter of a trillion dollars imposing a quarter of a trillion dollars retroactively on businesses in need of cash to restart their operations as states begin to lift shutdown orders is a recipe for further disaster as opposed to the disaster were already in. It makes one think that House Democrats dont want an economic recovery, at least until they can defeat President Trump. Ism posing such a tax imposing such a tax increase when the country is facing unemployment levels not seen since the Great Depression fails the commonsense test. Its even more disturbing to the extent that the House Democrats proposal targets Small Businesses and other pas passthrough entities. Arent these losses just as real as larger corporations and their need for liquidity possibly even greater . According to the tax foundation, more than 90 of american businesses in recent years operate as passthrough entities. Passthrough businesses include some of those hardest hit by this pandemic were in. Farmers, restaurants, manufacturers, retailers, health care providers. And they employ over half of americas workers. And yet the democrats want to take them on. Its critical that these businesses also survive this pandemic to ensure that americans have jobs to return to as it becomes safe to go back to work. Ive heard some critics even suggest that allowing Small Businesses and passthroughs to use their net operating losses is kind of a tax gimmick or loophole. Apparently they dont understand that these are real economic losses that businesses incur because there isnt enough income to cover payroll, rent, utilities, and other fixed expenses. Now the whole goal of the cares act is to help businesses tax paid as taxes in private years when times were very good so that they can survive through this current crisis. When we drafted this cares act, we didnt pick winners and losers and government shouldnt pick winners and losers. The tools generally apply to all types and sizes of businesses, from farmers and sole proprietiorships to partnerships to l. L. C. s, and S Corporations and to the large corporations. They apply to all industries since every sector is bearing the brunt of stayathome and shutdown orders across our nation. Most important, we didnt try to decide which jobs were more worthy than saving than other types of jobs. Our goal was to help preserve as many jobs as possible regardless of whatever business they were in. Those objectives were the right ones. This partisan tax increase also flies in the face of antirecessionary fiscal policy 101. Would you find me a credible economist who says that we should raise taxes in a normal recession . Its just common sense not to. In normal business cycles, downturn tax increases hurt rather than help recovery. Why double down now as the house is doing in the greatest economic contraption in modern history. The House Democrats have reverted to partisan politics as usual in the middle of the worst pandemic in more than 100 years and the worst economic crisis in nearly that long. Maybe they should think about former president obamas support for this kind of antirecessionary fiscal policy back in 2009 when what former president obama said then should apply now. Dont raise taxes in a recession. Nevertheless, im hopeful that we can maintain the bipartisan spirit of the cares act in the United States senate as we chart the next steps to reopen the economy and get americans back to work. While some businesses will feel the impact of this pandemic more than others, none of these businesses are doing well. All they all deserve as many tools as we can provide to weather this storm. Whats more, employers across the country who have been relying on the cares act shouldnt be deterred by the misguided tax hike proposed by the House Democrats. That messaging bill that the house just passed cant be allowed to undermine access to capital needed to reopen their businesses, bring back employees, and win back the customers that made them successful before the pandemic attack. And to the democratic critics, i say this. Lets put away the partisan attacks. Lets put away the political pandering. Lets keep working for the good of the country so our families businesses and economy really can come out of these tough times on a strong footing and with a best shot at a rapidator . The presiding officer the senator from iowa. Ms. Ernst mr. President , i ask unanimous consent to use my military rucksack in my speech. The presiding officer without objection. Ms. Ernst thank you, mr. President. Mr. President , on monday we honor the fallen on memorial day. While we traditionally spend this day of remembrance with our family and friends, things look look a little bit different this