House approves terrorism insurance bill

The House of Representatives approved a terrorism insurance bill Thursday that would cover up to $90 billion annually in claims resulting from any future attacks.

The Senate is expected to pass the bill quickly, sending it on to President Bush, who supports the legislation as well. Still, the bill – which has been in the works for a year — is a compromise between Democrat and Republican wishes. To get the legislation moving, Republicans had to accept no limits on punitive damages – a sticking point between the two parties for the past year.

“This legislation will put hard hats back to work, create construction jobs, improve the legal process and protect taxpayers,” White House spokesman Scott McClellan told the Associated Press.