Tuesday, July 16, 2002


Additional Funding Needed For Amtrak
On June 28, 2002 the Department of Transportation approved a $100 million loan to Amtrak that temporarily averted a shutdown of the nation’s passenger rail carrier. Even with the loan, Amtrak’s future is far from certain.

“The emergency $100 million loan only funds Amtrak’s service through August,” said General Vice President Robert Roach, Jr. “Congressional support is needed to provide the funding required to keep Amtrak operating into the future.”

Amtrak officials and the Department of Transportation are jointly requesting a $170 million appropriation from Congress to fund Amtrak to the end of its fiscal year in September. Amtrak has said it needs an additional $1.2 billion to continue operating into next year.

You can show your support for Amtrak and urge proper funding of the rail carrier by contacting Congress through the IAM’s Political Action web site at www.goiam.org/politics.asp.

Reeling Investors Snub Bush Reassurance
As President Bush scrambled to reassure Americans about the health of the nation's economy, investors staged a massive sell-off that accounted for one of the biggest one-day swings in the market―the second time in two weeks that stocks have tumbled after the President addressed the issue. One week ago, the market lost nearly 200 points after a presidential speech about corporate responsibility

Corporate accounting scandals, weakening economic signals, and allegations about suspect business practices by President Bush and Vice President Cheney have spooked investors.

"Cheerleading won't turn around the market," said New Jersey Senator Jon Corzine―a former investment banker.

VP Cheney Grilled on $18.5 Million Profit
Concerns about insider trading are dogging Vice President Cheney. The former CEO of the Halliburton Co. walked away with an $18.5 million profit from sales of company stock only weeks before its price went south. Industry analysts wonder if Cheney didn't know about impending problems at the company, or he did know and was jumping ship before it sank. Either way, Cheney's record casts a shadow on Bush's call for corporate responsibility.

Bush: "No" to Senior Prescription Plan
President Bush reiterated his opposition to helping seniors pay soaring prescription drug costs through a Medicare-run prescription drug benefit. In a July 10 speech in Minneapolis, Bush said a prescription drug plan should be run by private insurers and HMOs. The Republican-controlled House of Representatives passed a bill opposed by most senior groups that would force seniors into HMO-style programs and offers no guaranteed benefits.

Sen. Edward Kennedy (D-Mass.), chairman of the Senate Health, Education, Labor and Pensions Committee, called the GOP vision of drug coverage "cakes for the special interests and crumbs for the elderly." The Senate will begin debate this week on a Medicare prescription drug bill that offers even less coverage than the House bill.

Senior groups, unions and other backers of a real Medicare prescription drug benefit will mount a grassroots campaign to spotlight the Senate bill's failures and the need for strong Medicare prescription drug coverage.