Bill to raise NFIP borrowing limit clears Senate

12/30/2012 | PropertyCasualty360

The Senate has approved a bill with a provision to increase the National Flood Insurance Program's borrowing authority to $30.4 billion. The measure would "help the residents of the mid-Atlantic and Northeastern states recover from the devastation wrought by Hurricane Sandy," said Senate Majority Leader Harry Reid, D-Nev. "State and federal authorities have worked together effectively to help the victims, but more help is needed for the recovery to continue. This bill provides those additional resources."

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