David Vitter: “Under the proposed legislation I am talking about, there is new language that would tighten up, if you will, the…”

“Under the proposed legislation I am talking about, there is new language that would tighten up, if you will, the repayment possibilities of these specific loans. It would not change all of the Stafford Act, in terms of this loan program in general. That new language would simply apply to these specific loans. That language is included in the proposed legislation for a very simple reason, and that reason is that, based on literally dozens of discussions with various folks, including in the House, it is very clear to me, in fact it is crystal clear to me, this will not pass tonight or tomorrow through the process without this language in the legislation. Having said that, I have also gotten assurances from several people in the administration that they are very understanding of the extraordinary situation these local governments are in, in terms of their financial condition and their ability to pay, and they will be extremely open to working out that situation as it pertains to these liens over the period of the loans. Personally--and I am only speaking for myself--I feel very comfortable with those assurances. Personally--and again, I am only speaking for myself--I am completely confident that without the language you are alluding to, this legislation will not pass the House either tonight or tomorrow.…”