Bush Gives Backstop Bill Another Push
By Steven Brostoff, Washington Editor
NU Online News Service, Oct. 3, 3:07 p.m. EST, Washington?President George W. Bush today again pressed Congress to agree on a terrorism insurance bill by tomorrow, saying that inaction is threatening American jobs.
During a meeting with insurance, business and labor leaders at the White House, the president reiterated recent statistics that $15 billion worth of building projects are on hold due to a lack of terrorism insurance.
Moreover, he said, the problem could get worse.
"If there is an attack, without insurance, it would be even more devastating than the last attack," President Bush said.
"It will mean tens of thousands of new jobs if we can get a terrorism insurance bill. It will mean billions in new investment. It will mean healthier pension and retirement systems. If we have terrorism insurance and, God forbid, we have another attack on America, we will be able to compensate our victims more quickly and limit the economic damage. That's a reality," he said.
President Bush added that without coverage, the economic impact of another attack would be incredibly serious, possibly leading to a string of bankruptcies, loan defaults and lay-offs.
"Enacting terrorism insurance will cost us nothing if we experience no further attacks," the President added.
Congress, he said, has failed to act. Congress has to act now, before it goes home, the president said.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.