Example 1. If I repeatedly make 365 one-day \$1 loans to you over the course of 365 days, then the unadjusted loans (or "financial assistance") I make to you are \$365.
However, in effect I've simply lent you \$1 for one year. So, the term-adjusted (or we could say year-adjusted) loans I've made to you are only \$1.
Example 2. Loan A: I make you a one-day \$365 loan.
Loan B: I make you a one-year \$1 loan.
Both Loans A and B are \$1 term-adjusted loans.
But note that they are not obviously exactly equivalent. Most would consider Loan A a bigger favor than Loan B. This though is debatable. But in any case, the point here is that nobody would consider these two Loans to be exactly equivalent.
This is explained in the cited document, paragraph above Table 9 and again in the Note to Table 9. An example is also given on pp. 130–1:
Table 8 aggregates total dollar transaction amounts by adding the total dollar amount of all loans but does not adjust these amounts to reflect differences across programs in the term over which loans were outstanding. For example, an overnight PDCF loan of \$10 billion that was renewed daily at the same level for 30 business days would result in an aggregate amount borrowed of \$300 billion although the institution, in effect, borrowed only \$10 billion over 30 days. In contrast, a TAF loan of \$10 billion extended over a 1-month period would appear as \$10 billion. As a result, the total transaction amounts shown in table 8 for PDCF are not directly comparable to the total transaction amounts shown for TAF and other programs that made loans for periods longer than overnight.
The cited Sanders quote is not obviously "stupid" though, as the Reddit commenter suggests. Example:
Say in an emergency, the Fed has to lend \$10T to Bank A for just one day. By the above procedure, we'd translate into to a term- or year-adjusted loan of \$10T ÷ 365 ≈ \$27.4B.
Say the Fed also lends \$27.4B to Bank B for one year.
It's not clear that the degree of assistance the Fed provided to both banks is equivalent. Most would say that the Fed did Bank A a bigger favor.