Joe Biden: “today we reach a point that has been far too long in coming: a vote on final passage of bankruptcy reform. Just two days…”

“today we reach a point that has been far too long in coming: a vote on final passage of bankruptcy reform. Just two days ago, the Senate voted overwhelmingly--67 to 31--to end debate on this legislation. I expect the same strong endorsement in today's vote. For reasons that we are all aware of, it has been a prolonged and complicated process that has brought us to this point today. In one of our very first votes this year, the Senate passed bankruptcy reform legislation by the overwhelming margin of 83 to 14. Similar legislation passed the House last year, 313 to 108. I personally believe that we should not have waited for legislation that passed both Houses by overwhelming margins, many months ago, to finally reach the floor of the Senate in the last hours of this session. For vast, bipartisan majorities of both houses, the idea that we need to restore some balance to our bankruptcy code is not controversial. The legislation before us today does indeed tighten current law. It assures that those who have the ability to pay--but only those with the ability to pay--will have to complete at least a partial repayment plan. This fundamental change will affect probably fewer than 10 percent of the people who file for bankruptcy, and only those who have the demonstrated ability to pay. I would bet, that most of our constituents would be surprised to find that is not the case today.…”