Political Quotes

“the Senate has been debating, S. 625, the bankruptcy reform bill for weeks. I am happy to say that many Democratic amendments have been accepted which have brought much needed balance to the bill. The issue of bankruptcy is a highly technical and convoluted area of our law replete with terms like cram downs, reaffirmations, panel trustees, automatic stays, nondischargeable debt, priority debt, secured debt, and even something known as a ``superdischarge.'' And the bankruptcy code is not only complex and arcane. It is the fulcrum point of a delicate balance. When you push one thing, almost invariably something else will give. That's because no matter how hard you try there is a limited resource pie. All we do many times is increase the fighting over the small pie--and usually no one really wins that fight. The Senate made several improvements to ease the burdens on low income debtors while making sure that wealthy debtors pay their fair share. The Senate adopted my amendment to allow debtors to attend mandatory credit counseling by telephone or over the Internet, which will make it easier for debtors with transportation difficulties. By adopting a cap on the homestead exemption of $100,000, Congress will continue the longstanding policy of giving a debtor a fresh start--not a windfall. Improvements were also made to make the bill more cost effective and less expensive for taxpayers.”