Representative John Linder (R-GA) issued the following statement in response to Fox News Channel's Geri Willis, regarding the mistaken report she issued yesterday stating that Republicans were supporting a bill that would "bail out" unions:
"I would like to provide a bit of clarity in response to the false information provided yesterday on Fox News about my alleged support of a "Big Union Bailout." First and foremost, I have opposed all bailouts from the beginning and continue to despise this cowardice that puts the American taxpayer on the hook for overpromised benefits and underperforming profits."
"The legislation I support would allow employers additional time to recover from the 2008 asset losses and flexibility in order to catch up on pension funding requirements imposed under the Pension Protection Act of 2006--at no cost to the American taxpayer. Our economy has failed to rebound as expected and Democratic policies have only provided businesses greater tax uncertainty and new health care burdens. To counteract these damaging policies, while protecting both taxpayers and pensioners, I co-sponsored a bill to allow employers between 9 or 15 years, instead of the current 7 years allowed under the Pension Protection Act, to rebound from investment losses. The pension funding relief I support was broad and received wide-ranging praise from businesses and organizations of many sizes and stripes including the Girl Scouts of the U.S.A., Southern Company, Mirant Corporation and Fox Entertainment Group."
"By providing employers some options in fulfilling their pension obligations, employers will hopefully be spared from making the more difficult choice between funding future pension obligations or laying off employees. Furthermore, if Congress fails to provide pension funding relief in one form or another, more pensions will likely fail and taxpayer funds would be used to clean up the mess."