> The daily amount borrowed, by itself, understates the significance.

If someone tells me that the NY Fed is looking to significantly (>25%) increase its overnight and short-term liquidity operations and the necessary increases are in the range of tens of billions of dollars then that already sounds pretty important. I don't see how anything you said is an argument that cumulative liquidity is an appropriate measure here. Instead we both seem to agree that if someone had said - the loans are only $150 billion (because that seems to be the one day aggregate limit) then that person would also be misleading.

My point is not that this isn't an important issue but rather that it is an important issue and as such it deserves serious coverage and the linked article is not it.