NFIP will deplete funds if borrowing limit isn't raised, FEMA says

01/3/2013 | Reuters

The National Flood Insurance Program stands to exhaust its funds for Hurricane Sandy-related claims unless Congress approves an increase in the program's borrowing authority, the Federal Emergency Management Agency says. The statement came ahead of the House's expected vote today on a $9 billion NFIP appropriation bill. The program's "funds available to pay claims will be exhausted sometime around the week of Jan. 7" if lawmakers fail to raise the borrowing limit, FEMA said.

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