Business fights Obama's fix for sick corporate pensions

By Kevin G. Hall | McClatchy Newspapers

WASHINGTON — State and local government pensions aren't the only ones in trouble.

Corporate pensions, too, are woefully underfunded, and the federal agency that insures them against losses is facing a dangerous deficit that taxpayers may end up covering. One government watchdog agency says the federal insurance funds are at "high risk" of failure. Moreover, the Obama administration's proposal to fix this is meeting stiff resistance from the U.S. Chamber of Commerce and other business interests.