Noting that time was of the essence, President Bush has given lawmakers three days to come to an agreement on legislation guaranteeing businesses affordable terrorism insurance, according to the Associated Press.
Bush convened a Cabinet Room meeting of House and Senate negotiators Oct. 1, stating that more than $15.5 billion worth of construction projects and 300,000 jobs are indefinitely on hold as a result of builders not being able to get insurance against terrorist attack.
The House and Senate have opposing means when it comes to legislation giving the industry federal protections when they offer coverage against terrorist attack.
The Senate has said no to a House attempt to prohibit punitive damage awards in civil lawsuits.
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