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.
Thank you Republican-controlled Congress from January, 1995 through January, 2007.