NU Online News Service, Sept. 19, 2:39 p.m. EDT

WASHINGTON—In his deficit-reduction proposal, President Obama voices support for provisions in House legislation that would eliminate subsidies, over five years, on 30 percent of properties insured by the National Flood Insurance Program.

Legislation pending before the Senate would accelerate the end of subsidies by ending them over four years. The Senate Banking Committee passed its bill Sept. 8 and it is now awaiting Senate floor action.

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