As brilliantly illustrated here by Don Heyl, our design director, there's been quite a brouhaha this month over calls in Congress to add optional wind coverage for homeowners buying flood insurance from the federal government, but the White House pretty much sunk any hopes for the measure by testifying yesterday in no uncertain terms that President Bush will not support any such expansion. Given how screwed up the National Flood Insurance Program is–with its massive deficits–that's probably a good idea.
(For NU's coverage of yesterday's hearing, click here.)
Oh, sure, backers of the bill assure everyone that this time will be different–that actuarially-sound rates will be required–but who in their right minds could be anything but highly skeptical?
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