President Barack Obama on Monday announced his deficit-reduction proposal, in which he expressed support for a House bill's provisions to abolish subsidies over five years for 30% of properties covered by the National Flood Insurance Program. "We are pleased that President Obama included critical NFIP reforms in his deficit-reduction proposal to Congress," said PCI's Ben McKay, adding that Obama's plan "calls for the NFIP to charge actuarially sound rates to address the program's staggering debt."

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