NU Online News Service, April 1, 3:40 a.m. EDT
The administrator of the Federal Emergency Management Agency told a congressional panel today that the need for subsidies makes it unlikely that the National Flood Insurance Program will ever be able to pay off its debt.
Craig Fugate, administrator of FEMA, focused on the cost issue even though members of the panel, the Subcommittee on Insurance, Housing and Community Opportunity of the House Financial Services Committee, are particularly sensitive to the cost issue.
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