National Fossil Act

Floor Speech

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Mr. SCHUMER. 3574 and the Senate proceed.
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Mr. SCHUMER. Mr. President, tonight, I am very happy to announce that I just filed cloture on the Tax Relief for American Families and Workers Act, a bill to expand the child tax credit, expand the affordable housing tax credit, help small businesses with the R&D credit, and lift half a million kids out of poverty. For the information of Senators, the step I take tonight sets up a cloture vote on Thursday.

Mr. President, it is time to get this bill done right away. This bipartisan bill passed the House overwhelmingly, 357 to 70. We hope this week the Senate Republicans will join us. Democrats strongly support moving forward on this bill because it is filled with good news for our kids and small businesses and jobs and housing.

For one, Democrats strongly support expanding the child tax credit because we know it will do immense good for tens of millions of families--so many kids. In fact, one of the very first things this majority did in 2021 was expand the child tax credit significantly under the American Rescue Plan, and it cut child poverty in close to half. That turned out to be an enormous success, but unfortunately that provision expired. We have a chance to help more kids get out of poverty--many more kids, millions of kids--through this important provision once again.

The bipartisan tax package will be a boon for small businesses because it will reward them and other businesses for investing in R&D and help them pay for new equipment so they can compete against larger competitors. This will inevitably mean more jobs for Americans. When businesses get this tax credit for investing, they are going to hire more people, more workers. It particularly benefits small businesses that don't have the flexibility to do these things on their own without this tax break.

Of course, I am very happy that this tax package delivers big wins on something near and dear to my heart: affordable housing. The bill would expand the low-income housing tax credit, LIHTC, very significantly. LIHTC is one of the most effective tools we have for increasing the supply of affordable housing units. I was insistent that this measure go into the bill, and I said it is nonnegotiable. Well, I am glad it is in the bill.

When it comes time to vote later this week, the American people will see for themselves who in reality supports the fine provisions of the tax bill and who does not. When we vote, the American people will see for themselves who, in fact, favors expanding the child tax credit and taking so many kids out of poverty, and they will see who opposes it. The American people will see who supports expanding affordable housing and who doesn't. The American people will see who stands for small businesses and who stands against them, as they have so requested this important R&D credit.

I urge my Republican colleagues not to stand in the way of helping businesses, small businesses, families, and young people keep a roof over their heads when it is time to vote Thursday.

I want to thank Chairman Wyden for his great leadership on this package, and I thank all the Senate Finance Committee members for their great work. Orders For Tuesday, July 30, 2024

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Mr. SCHUMER. on Tuesday, July 30; that following the prayer and pledge, the Journal of proceedings be approved to date, the morning hour be deemed expired, the time for the two leaders be reserved for their use later in the day, and morning business be closed; that following the conclusion of morning business, the Senate proceed to executive session to resume consideration of the Neumann nomination; further, that notwithstanding rule XXII, the order of July 25 with respect to the House message to accompany S. 2073 be modified so that at 12 noon, amendment No. 3022 be withdrawn and the Senate vote on the motion to concur in the House amendment to S. 2073 with amendment No. 3021 without further intervening action or debate; further, that following the disposition of the House message to accompany S. 2073, the Senate resume executive session and recess until 2:15 to allow for the weekly caucus meetings; that at 2:30 p.m., the Senate vote on the motion to invoke cloture on the Neumann nomination; further, that if cloture is invoked on the Neumann nomination, all time be considered expired at 4:15 p.m. and that if the nomination is confirmed, the motion to reconsider be considered made and laid upon the table and the President be immediately notified of the Senate's action.

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Mr. SCHUMER. Madam President, if there is no further business to come before the Senate, I ask that it stand adjourned under the previous order following the remarks of Senators Cramer and Merkley.
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