The Senate began debating legislation yesterday which would end asbestos lawsuits and award victims $25,000 to $1.1 million, depending on how sick the toxic substance has made them. Fortunately Senate Democrats such as Kent Conrad from North Dakota are questioning the $140 billion fund
and claiming it would run out of money after approximately 10 years and be about $150 billion short of enough money to last the 50 year life of the trust.
According to Bloomberg.com:
“This trust fund will go bust in the second 10-year period,” Conrad told reporters in Washington. “The federal government would be turned to for even more payments,” and “victims would get much less than promised.”
Conrad released a study by the Democratic staff of the Budget Committee that predicted the fund would be forced to borrow $40 billion in the first 20 years of operation to make up the shortfall, the report said.