Arlen Specter: “It is fine to talk about working this out this year, but that will be too late, and the pilots will then have 25 percent…”

“It is fine to talk about working this out this year, but that will be too late, and the pilots will then have 25 percent of their pensions remaining. We talked to the Finance Committee two weeks ago about scheduling a hearing in January. No hearing has been scheduled for the Finance Committee during the month of January, as was anticipated. When the Senator from Mississippi makes a point that the other airlines will have to pay the pensions of US Airways pilots, that is precisely what is going to happen if this plan is not adopted. The PBGC is going to have to pay the pension benefits. So, at worst, if US Airways does not succeed, in any event, PBGC will be no worse off if this is adopted than if US Airways fails. I reserve the remainder of my time.”