The fate of what is seen as a needed increase in the borrowing authority of the National Flood Insurance Program before year-end is in doubt as Congress breaks until Wednesday.
For one thing, as of this morning, opposition in the House to tax increases of any kind throws into doubt whether Congress will be able to pass any legislation dealing with the so-called fiscal cliff before year-end. There has been speculation among industry lobbyists that legislation increasing the borrowing authority would be tucked into a bill addressing the fiscal cliff.
In the Senate, a vote this evening cleared the way tonight for floor action after Christmas on a Sandy aid packageapproved the administration's $60.4 billion for Sandy reconstruction. The bill includes the Obama administration's request to raise the NIFP's borrowing cap from the current $20.775 billion to $30.4 billion as part of the request for $60.4 billion.
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