Congress votes to expand borrowing authority for Sandy flood claims (Congressmen, Obama)

[Goodnight]

67 republicans voted no, who are these people, I know who 50 of them are but the other 17?

By Tom Curry, NBC News national affairs writer Updated 2:13 pm ET Responding to the insurance claims of property owners hit by last October’s super-storm Sandy, both the House and the Senate voted Friday to approve $9.7 billion in additional borrowing authority for the National Flood Insurance Program (NFIP) which covers property owners in flood-prone areas.
The House vote was 354 to 67. Among Republican members, 161 voted for the bill and 67 voted against it. No Democrats opposed the bill and 193 voted for it. The Senate passed the measure by voice vote later Friday.

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The Federal Emergency Management Agency notified Congress Wednesday that additional borrowing authority was needed -- otherwise NFIP funds available to pay claims would be exhausted next week

Congress votes to expand borrowing authority for Sandy flood claims - NBC Politics

[HappyTexan]

What a load of hogwash.

Congress both extended and expanded the Insurance program back in July with no additional funding.
It was going to go broke whether Sandy happened or not on 1/7/2013.
They extended it for 5 years and let multi-family housing apply for fed insurance.
It was already $18 billion in debt from borrowing.

I'll wager they figured they'd get it funded as part of the fiscal cliff bill because that was a for sure piece of legislature that had to be passed before 1/7/2013.

Thank Maxine Waters for sponsoring it. It passed both the House and Senate in one day with no debate.

President Obama Signs Flood Insurance Reform Bill

NAR provided input to the legislation. It got passed on the "promise" to study its affordability.
NAR Legislative Analysis: Biggert-Waters Flood Insurance Reform Act of 2012 | realtor.org
The bill also requires a study on affordability and implementation, enabling NAR to revisit these provisions down the road if necessary. These provisions were necessary to save a program that is $18 billion debt and secure passage of the 5-year extension to avoid further disruption of real estate markets across the U.S.

[Goodnight]

Originally Posted by HappyTexan

What a load of hogwash.

Congress both extended and expanded the Insurance program back in July with no additional funding.
It was going to go broke whether Sandy happened or not on 1/7/2013.
They extended it for 5 years and let multi-family housing apply for fed insurance.
It was already $18 billion in debt from borrowing.

I'll wager they figured they'd get it funded as part of the fiscal cliff bill because that was a for sure piece of legislature that had to be passed before 1/7/2013.

Thank Maxine Waters for sponsoring it. It passed both the House and Senate in one day with no debate.

President Obama Signs Flood Insurance Reform Bill

NAR provided input to the legislation. It got passed on the "promise" to study its affordability.
NAR Legislative Analysis: Biggert-Waters Flood Insurance Reform Act of 2012 | realtor.org
The bill also requires a study on affordability and implementation, enabling NAR to revisit these provisions down the road if necessary. These provisions were necessary to save a program that is $18 billion debt and secure passage of the 5-year extension to avoid further disruption of real estate markets across the U.S.

They never really recovered from Katrina and Rita, nver put it in the budget as if a disaster would never happen again, at least they are moving in the direction of home owners paying reasonable flood insurance.

The issue is the congressmen who received aid for their local communities now voting no. I don't have any problem with fiscal prudence, the time to start isn't when a hurricane hits, especially when they knew it was underfunded for years.