Posted: Jan 4, 2013 7:22 AM
Updated: Jan 4, 2013 7:22 AM
Source: Associated Press
WASHINGTON - $9.7 billion measure to pay flood insurance claims is set for a vote in Congress, boosting prospects for relief for the many home and business owners flooded out by Superstorm Sandy.
If the House, as expected, approves the flood insurance proposal today, the Senate plans to follow with a likely uncontested vote later in the day.
The Federal Emergency Management Agency warns that the National Flood Insurance Program will run out of money next week if Congress doesn't provide additional borrowing authority to pay out claims. Congress created the FEMA-run program in 1968 because few private insurers cover flood damage.
Northeast lawmakers say the money is urgently needed for storm victims awaiting claim checks from the late October storm.
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