Political Quotes

“the legacy cost issue that has been raised by the gentleman from Indiana (Mr. Visclosky) is one of the important elements in addressing the financial stability of America's steel industry. Mr. Chairman, at this very time, 3,200 steelworkers in Cleveland are wondering whether or not they are going to have jobs tomorrow; and yet, despite the fact that the union and the creditors have worked together to make concessions, the management of LTV wants to liquidate the company. We are anticipating that new management will come in, and new management will need something done about legacy costs, as will management of steel companies throughout this country. It is urgent that we address the issue that is raised by this amendment. Because of the accumulation by steel companies of massive legacy costs, the cost of pension and health benefits for thousands of employees who went into retirement has to be assured. The Visclosky amendment, supported by both the steel industry and the steelworkers, provides a solution. Much like title II of H.R. 808, the amendment would create a fund to address legacy costs. Steel companies would be able to draw on the fund to aid with the payment of health and pension benefits. One might ask, what does this have to do with defense? That has been raised. The existence of a healthy steel industry is crucial to our national security.”