Terrorism Damage Bill Is Passed by House - New York Times- Need Cash Pay Bills
The House approved a government insurance program on Tuesday that commits Washington to paying for most of the damage in the event of a terrorist attack in the next seven years. The White House had initially threatened to veto extension of the terrorism insurance program, contending that the insurance industry had regained its strength after paying more than $31 billion in the World Trade Center attacks and did not need government support. The House had sought more generous financial terms for the insurance companies and wanted the program to be extended for 15 years to assist further long-term planning for construction and other businesses. The insurers had insisted that without government backing they would again refuse to sell coverage for terrorist attacks, as most of them did after the World Trade Center attacks. Learn more
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