Members of Congress are being told that the National Flood Insurance Program has enough funds to pay claims resulting from Sandy until middle or late January, but only until then, according to an industry official close to the situation.
The comments about the NFIP were made as the Senate starts work tonight on a proposed aid package for victims of Superstorm Sandy that includes a 50 percent increase in the NFIP's borrowing authority.
The Senate is taking up the measure as behind-the-scenes talks continue on how to avoid the "fiscal cliff," the package of tax hikes and budget cuts that go into effect Jan. 1 unless contrary congressional action is taken to forestall them.
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