NU Online News Service, Dec. 9, 2:33 p.m. EST

Legislation that packages the House version of a five-year National Flood Insurance Program extension into a deal that would extend expiring tax cuts is headed for House floor action and likely approval.

The deal would essentially include an NFIP extension in House Republicans' demands for budget cuts in exchange for their support on extending expiring tax cuts.

However, because of provisions other than the NFIP reauthorization, the White House issued a veto threat, and Senate Majority leader Harry Reid, D-Nev., said it would not win Senate approval.

The House Republicans want prompt passage of the legislation as part of the “pay-fors” they are demanding. They calculate that passage of the NFIP reauthorization bill would reduce the deficit by $4.5 billion over 10 years.

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