Democrats and Republicans in Congress clashed Wednesday over how to shape an extension of the federal terrorism insurance program, raising concerns that the current backstop measure may abruptly expire Dec. 31.
Specifically, Democrats in both the Senate and the House called for a prompt extension of the current law, the Terrorism Risk Insurance Act, while Congress debates the scope and substance of a long-term federal backup of terrorism risk coverage.
But Republicans in the House warned that would be like playing Russian roulette, because the Bush administration has made clear that a straight-up extension of TRIA is unacceptable.
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