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Posted on 10/04/2002 3:12:32 PM PDT by Willie Green
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WASHINGTON (AP) — Lawmakers are not giving up hope that Congress can pass a terrorism insurance bill this year despite a four-month impasse over whether the government should pay for punitive damages in the lawsuits that follow terrorist attacks.
``It's not over,'' said Sen. Christopher Dodd, D-Conn., one day after President Bush urged the Senate again to pass the legislation before going home for the year.
Bush several times has criticized Congress for failing to enact the bill lawmakers say will help stimulate the economy. But Thursday marked the second day this week that the White House organized an event dedicated solely to the issue. On Tuesday, Bush met with deadlocked House-Senate negotiators and issued a Friday deadline for agreement.
The president and the GOP say as much as $15 billion in construction and real estate transactions and 300,000 jobs are on hold because Congress has not passed a bill.
In addition, the downgrading of bond ratings of commercial mortgage-backed securities due to insufficient coverage for terrorist attacks can cause an overall drop in bond prices that harm investors.
Dodd said lawmakers were meeting Friday trying to get something done. ``I've already had meetings this morning,'' he said. ``I don't quit until we quit.''
Dodd refused to discuss the negotiations. White House spokesman Ari Fleischer said the parties are close but there is no deal yet.
``I do think there is a glimmer of hope on terrorism insurance, to a large degree because the president will not give up on this,'' Senate Minority Leader Trent Lott, R-Miss., said. ``He has continued to push the Congress. Since they wouldn't meet on their own, the president brought down the conferees to meet with him. And so maybe there is some hope there.''
The GOP-controlled House and the Democrat-controlled Senate have passed different versions of legislation, which would protect the insurance industry from calamitous losses in the event of another terrorist attack by requiring the government to pick up some of the losses.
After Sept. 11, many insurers limited or dropped coverage for casualty and property losses due to terrorism because insurance companies faced record payouts. But with most lenders requiring insurance to finance real estate, plant expansion and other construction projects, industry representatives have warned of damage to the economy.
The search for a compromise is hung up primarily over the Senate's opposition to a House provision that would ban punitive damage awards in civil lawsuits.
The Senate-passed version of the bill, which passed in June, does not shield companies from punitive damages. The House passed legislation last November that limits lawsuits and bans punitive damages.
Republicans in Congress accused Democrats of trying to protect trial lawyers, while Democrats charged Republicans were looking out for businesses that are major GOP donors.
With Conservative George in charge, the Republicans line up like a bunch of sheep for the slaughter. Government dominating airlines, the insurance industry, medicine, and agriculture, we are getting close to fifty percent of private industry controlled by government. What percentage do we need to call our system of government, fascism?
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