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Despite the negative tone of the U.S. Treasury’s June re- port on the federal terrorism backup, the debate at this point is not whether the Terrorism Risk Insurance Act (TRIA) will be extended, but on what terms. In his testimony on Capitol Hill in July, Treasury Secretary John Snow made it clear that the Bush administration will accept an extension of TRIA–as long as Congress goes along with some changes, including a big increase in the level of losses that is required to trigger the use of the federal backstop.

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