Harry Reid: “They found that the CBO underestimated the number of cancer victims who will likely file claims with the fund. Based on…”

“They found that the CBO underestimated the number of cancer victims who will likely file claims with the fund. Based on this and other factors, Bates White concluded that the real cost estimate for the trust fund should be double what it now is. During floor debate this morning, the distinguished senior Senator from Pennsylvania, the chairman of the Judiciary Committee, explained what will happen if the trust fund runs out of money. He said: We have within the structure of the bill a vision that the administrator can make a reevaluation going through certain preconditions so if it looks like we will exceed the $140 billion we can make modifications in medical standards and criteria and stay within the $140 billion. In other words, if the fund runs short, fewer victims are eligible or those who are eligible will get less money. So there are real consequences to this underfunded trust fund. It will hurt victims. The only alternative is that taxpayers will be left to fund the shortfall. Even if the trust fund was adequately funded, the claim system established by the FAIR Act is fraught with defects that would prevent many victims from recovering what they deserve. First, startup provisions are unfair. As soon as the bill is enacted, the ability of asbestos victims to claim compensation in the court system is cut off. There is no better example of this than what happens to veterans.…”