WASHINGTON–Two insurer groups are opposed to a proposal made last night to extend the current National Flood Insurance Program (NFIP) until April 30, 2009, saying the solution is a bipartisan bill that already has been passed in the Senate.
Rep. Barney Frank, D-Mass., chairman of the House Banking Committee, introduced the bill, as authorization for the current program expires Sept. 30 and an impasse has developed as the House and Senate seek to resolve conflicting bills passed earlier by each body.
Talks have been stymied because the bipartisan Senate bill calls for paying off the $17 billion debt the program incurred through Hurricanes Katrina and Rita in 2005. It is opposed in the House because House rules bar an appropriation without an offset–either cuts in existing programs, or a new tax.
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