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WASHINGTON–The Bush administration threatened today to veto legislation extending the Terrorism Risk Insurance Act in the form expected to pass the House tomorrow unless it is drastically scaled back before it reaches the president’s desk.

However, despite the categorical denunciation of all the provisions in the House bill it considers excessive, the administration in its “statement of position” for the first time explicitly stated it would accept some form of extension of the program beyond its current expiration date of Dec. 31.

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