A conference committee is trying work out differences in the bills. Supporters say the legislation is needed to crack down on abusers of current bankruptcy procedure. But Wellstone said between 40 percent and 50 percent of those who declare bankruptcy do so because of medical bills. Support for reform is being driven by the notion that bankruptcy has become an easy alternative for excessive debts, Wellstone said. However, he said the number of bankruptcies filed in recent years has been in decline.
Filings are down every year.
President Clinton has vowed to veto the legislation. Wellstone said he would support a reform bill if it better targeted fraud in the system. We should pass a bill that goes after the abuse. We also should hold the credit card companies accountable as well. The Associated Press contributed to this story.