Arlen Specter: “I sought recognition to join my distinguished colleague, Senator Santorum, in the presentation of this matter which is…”

“I sought recognition to join my distinguished colleague, Senator Santorum, in the presentation of this matter which is of great importance, not only to Pennsylvania, but great importance to the country. The US Airways system is the sixth-largest carrier in the United States. It provides service on a national and international basis. As a result of the problems of September 11, US Airways has had considerable financial problems and has moved forward to get a loan guarantee from the Federal Government, $1 billion, and to accomplish that there have been major concessions made by labor and major concessions made by suppliers to enable the airline to chart a course for the future on which they can succeed. The Pension Benefit Guaranty Corporation has interpreted the law to say that they are not in a position to accept the termination of a plan and the reinstatement unless there is a legislative change. If the bill, which Senator Santorum, Senator Dole and I are proposing, is not enacted, airline pilots will have a drastic reduction in their pension benefits, and the taxpayers will have all of the obligations thrust upon the Pension Benefit Guaranty Corporation so that the taxpayers will be hurt and the pilots will be hurt and, ultimately, consumers of airline travel will be hurt. The legislation which we have proposed would authorize the PBGC to have a discontinuance of the plan and then to have a reinstatement of the plan. I think it is preeminently sensible.”