Top Dems Call Companies 'Irresponsible' for Taking Write-Downs on Retiree Drug Benefits -- Even Though Federal Rules Require It

(CNSNews.com) – Democrats are going on the offensive against major companies who have announced they will take a financial hit from the passage of health-care reform, saying it’s a ploy to make President Obama look bad.

Commerce Secretary Gary Locke has condemned the moves as "irresponsible" and Rep. Henry Waxman (D-Calif.) has launched an investgation, summoning the CEOs of the companies to Capitol Hill on April 21.

However, the companies say they warned the Obama administration and Congress about the issue last year, before Congress voted on the bill, and a prominent economist tells CNSNews.com that the companies are simply acting in accordance with federal Securities and Exchange Commission (SEC) rules.