In response to:
The National Flood Insurance Program(NFIP) is administered by the Federal Emergency Management Agency(FEMA).
The 2005 hurricane season resulted in claims which the program's annual premium income could not cover. To pay claims, the NFIP borrowed from the U.S. Treasury. Prior to 2005, the NFIP's borrowing authority had been limited by statute to $1.5 billion. Congress made up for the shortfall by increasing the program's borrowing authority three times between September 2005 and January 2007 (from $1.5 billion to $20.8 billion). The NFIP currently owes $17.775 billion to the U.S. Treasury.
http://www.gop.gov/bill/112/1/hr1309
Thank you Republican-controlled Congress from January, 1995 through January, 2007.
I’m sure by now regular readers are well aware that Texas Congressman Ron Paul is serving out his 12th -- and final -- term in the House of Representatives and will soon retire from public life. Somewhat unexpectedly, however, during his humble and moving final speech on the House floor a few days ago, I was surprised to hear him speak, among other things, about his “failure” to rein in the size and scope of government during his long and distinguished political career. To some extent this is undoubtedly true -- after all, the United States is headed straight...
"Under both current law and this legislation, the NFIP may borrow an additional $3 billion from the Treasury."
"CBO also estimates that the changes made by H.R. 1309 would increase net income to the NFIP by $4.2 billion over the 2012-2021 period."
"H.R. 1309 would impose intergovernmental and private-sector MANDATES, as defined in the Unfunded Mandates Reform Act (UMRA), on public and private mortgage lenders."
Why do I get the feeling that this Republican-controlled Congress will be adept at redistributing wealth from the bottom-up?
Why wasn't this program ABOLISHED?
Yeah, but not all of the flood insurance money goes to millionaires with million dollar homes.
Oh....Ok, I guess that makes it Ok.