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$9.7 Billion Sandy Bailout Vote Set for Friday

Many home and business owners flooded out by Superstorm Sandy could get insurance payouts soon through congressional action expected Friday on a $9.7 billion bill to replenish the National Flood Insurance Program.

The Federal Emergency Management Agency, which runs the program, warned that it will run out of money next week if Congress doesn’t give it additional borrowing authority to pay out claims. Congress created the program in 1968 because few private insurers cover flood damage.

Source: Washington Post. Read full article. (link)

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  • Sevo||

    "Congress created the program in 1968 because few private insurers cover flood damage."

    Bullshit. You can get insurance for any risk, but you'd have to pay what it costs rather than having the taxpayers eat the losses.

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