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International Business Technology & Science Health Entertainment Politics ESPN Sports Travel Local News & Weather Video & Audio Good Morning America World News Tonight 20/20 Primetime Nightline World News Now This Week ABC News Home > Politics ABC News Frist promises asbestos bill in 2006 ReutersNov 16, 2005 — WASHINGTON (Reuters) - Legislation to create a $140 billion fund to compensate asbestos victims will be one of the first legislative issues before the U.S.

Senate next year, Senate Majority Leader Bill Frist said on Wednesday.

"I am pleased to inform my colleagues that asbestos reform will be the first major piece of legislation that we consider in late January when we return," the Tennessee Republican said on the Senate floor.

"No more delay." The Senate bill would end hundreds of thousands of asbestos injury lawsuits and create a privately funded trust to compensate victims harmed by exposure to the fibrous mineral.

Bush Hails Taiwan As Democratic Model Top Senate Democrat Concerned About Alito Alito and Abortion Senate Minority Leader Harry Reid, a Nevada Democrat, said the asbestos legislation was not acceptable in its current form.

"It's not even close," he said after Frist spoke.

Reid, already known as an opponent of the legislation, said he was concerned over the viability of the...

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Senate Budget Committee leaders are seeking to further delay action on legislation to create a $140 billion fund to compensate asbestos victims, saying in a letter released on Tuesday that they are worried the program could run short of money.

"There are potentially serious costs to federal taxpayers from this legislation," the committee's chairman, New Hampshire Republican Sen.

Judd Gregg, and ranking Democrat, Sen.

Kent Conrad of North Dakota, said in a letter to Senate leaders.

Since the p...