Andrew Grossman and Alan Zibel
Wall Street Journal
Journal 4, 2013
The House of Representatives Friday voted overwhelmingly to approve an increase in the borrowing authority for the federal flood-insurance program, the first piece of a package aimed at helping Northeastern states recover from superstorm Sandy.
The $9.7 billion measure allows the National Flood Insurance Program to keep paying out claims. The fund, which provides almost all flood insurance in the U.S., was set to run out of money sometime next week in large part because of the increase in claims due to Sandy.
The Senate was expected to take up the package Friday afternoon.
Members of Congress from New York and New Jersey had hoped that the House would take up a $60 billion Sandy relief bill that included flood insurance before the last Congress adjourned Thursday morning. But House Speaker John Boehner (R., Ohio) canceled that vote late Tuesday.
This article was posted: Friday, January 4, 2013 at 1:11 pm