Here we go again. Quoting IJ:
Time is running out once again for the National Flood Insurance Program, which is set to expire on Dec. 18.
Congress passed a short-term extension in September that moved the expiration deadline for NFIP to Dec. 18, 2009. But if Congress fails to act again this week, the main source of protection against flooding for more than five and a half million homeowners could be in jeopardy, potentially costing the government and taxpayers billions of dollars.
A continuing resolution is in the works to keep NFIP alive until 23 December. By then, Congress will have been expected to bury in a Defense spending bill yet another temporary reauthorization to keep Flood insurance available into February.
The NFIP has some serious issues which could stand a bit of legislative magic to fix, including stabilizing the rate adequacy of the program, and making updates to bring coverage more in sync with the changes in homeowners insurance over the past 30-40 years.
However, I’ll bet that Congress punts again in February rather than do real work here.
