Washington–House members grudgingly approved an increase infederal borrowing authority to $20.8 billion today to pay the costsof the financially strapped National Flood Insurance Program.
House lawmakers cautioned that the increase to the FederalEmergency Management Agency's borrowing authority could be the lastunless significant reforms are included in the next request. FEMAis the flood program's parent agency.
The legislation, S. 2275, was agreed to by a voice vote, andwould increase the agency's borrowing authority from $18.5 billionto $20.8 billion. The bill will now go to the Senate, which haswritten a version of the legislation that would raise the borrowingamount to $21.2 billion.
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