Harvey Could Cost Flood Insurers $11 Billion, But Funds Are Running Out

WASHINGTON -- The head of the National Flood Insurance Program said that Hurricane Harvey is expected to cost the federal program $11 billion, and that it’s too soon to know the toll of Hurricane Irma.But in a call with reporters Wednesday, director Roy Wright pledged to quickly get money into the hands of affected policyholders, despite the federal insurer having just $1.5 billion on hand. What’s more, it’s set to run out of funds sometime this fall.The program was already $25 billion in debt to the U.S. Treasury before Harvey and Irma swept ashore, and will soon bump up against its $30.4 billion borrowing limit.When it does, Congress must decide whether to vote to raise its debt limit, as lawmakers did in 2013. Wright appeared certain Congress will act again.  Continue reading...

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