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Senate Permits Debate on Fund for Asbestos Victims (Update2) Feb.
7 (Bloomberg) - A proposed $140 billion fund to help
asbestos-exposure victims and end lawsuits that have bankrupted
almost 80 companies cleared its first procedural hurdle in the
U.S.
Senate.
Senators voted 98-1 to permit debate on the measure,
overriding a move by Democratic leader Harry Reid of Nevada to
block the legislation.
Reid's attempt to prevent debate proved
futile, and he ended up voting to allow debate when it became
obvious he would lose.
There are still other obstacles to the measure, which would
end litigation that has forced companies such as USG Corp., the
world's largest wallboard maker, into bankruptcy.
For example,
Senate leaders will have to muster 60 votes to defeat a move to
kill the bill on grounds it exceeds budget spending caps.
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