NU Online News Service, Dec. 9, 2:33 p.m.EST
Legislation that packages the House version of a five-yearNational Flood Insurance Program extension into a deal that wouldextend expiring tax cuts is headed for House floor action andlikely approval.
The deal would essentially include an NFIP extension in HouseRepublicans' demands for budget cuts in exchange for their supporton extending expiring tax cuts.
However, because of provisions other than the NFIPreauthorization, the White House issued a veto threat, and SenateMajority leader Harry Reid, D-Nev., said it would not win Senateapproval.The House Republicans want prompt passage of the legislation aspart of the “pay-fors” they are demanding. They calculate thatpassage of the NFIP reauthorization bill would reduce the deficitby $4.5 billion over 10 years.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
