The House Financial Services Committee yesterday approved by voice vote and sent to the floor a measure to increase the borrowing authority of the federal flood insurance program before it runs out of cash.
Agent groups while applauding the panel's action voiced concern that final action on the bill would be delayed. The legislation passed by the committee would increase the borrowing authority of the Federal Emergency Management Agency by $22 billion from the current $3.5 billion.
The Bush administration has proposed an increase to only $8.5 billion because of the impact on the budget deficit.
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