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Thursday, March 16, 2006

Government trust funds -- eventually another bill for the taxpayer.

One of the reasons that is often cited for why judicial nominees have not taken front and center on the Judiciary Committee's agenda has been the battle over asbestos reform.

There are some interesting forces at work in Washington DC to watch in this tug-of-war.

In a February 24th article from Reuters, the situation is described as the following: "The co-sponsors of legislation to create a $140 billion asbestos victims' compensation fund are trying together 60 senators' signatures on a letter asking for another vote on the bill, Senate aides said on Friday. Pennsylvania Republican Arlen Specter and Vermont Democrat Patrick Leahy began circulating the letter this week after Senate Majority Leader Bill Frist demanded pledges of support from at least 60 members -- enough to overcome procedural hurdles -- before bringing the embattled legislation back to the Senate floor."

"(The bill) would pay the claims instead from a $140 billion fund financed by asbestos defendant companies and their insurers."

In February, the asbestos legislation was put into legislative limbo after it failed to get the sixty 60 votes required to overcome a budgetary point of order. It did, however, manage to get 58 votes which clearly have emboldened supporters to do a little old-fashioned arm-twisting. The letter being circulated specifically asks Majority Leader Frist, with eyes on 2008, to schedule another vote on the point of order.

Let's be very clear here. There is an awful lot of money involved here. If a Senator is willing to change a vote, there is a very good chance that the asbestos lobby's deep pockets have won the day over the taxpayers pockets. The vote that stopped the bill was a budgetary point of order which specifically stated that the legislation was not properly funded -- the trust fund established by the bill would go bankrupt.

And who ALWAYS picks up the tab when a "trust fund" goes bankrupt? The taxpayers. Us. We'll have the privilege of adding this to the ever growing tab courtesy of Washington DC which is a boondoggle to the tune of billions of dollars. Drunken sailors in the halls of Congress? Nope -- drunken sailors spend their own money, friends.

These cats who live pretty well, seem to think we will foot the bill for just about any idea that comes along. Senators, live up to your vote and to your talking points about "fiscal responsibility." Put an end to this foolishness now.

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