Iowa Senator Chuck Grassley says he’s -not- yet sold on legislation for terrorism insurance. Grassley, a Republican, fears the measure could create severe financial troubles for Uncle Sam. It would make the federal government an insurer of last resort and would make the U-S Treasury a “big black hole” for lawsuits and trial lawyers seeking triple damages. Grassley says the situation demands attention but he’s not certain this bill is the solution. Grassley says the bill’s now at a stand-still “because of the selfish interests of plaintiff’s attorneys.” He says the terrorism insurance bill -does- have a variety of backers. Unions and businesses are behind it particularly since many construction projects have come to a stop. It may create up to 440-thousand jobs.
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