Senate Banking Committee has put off action
Congress is resorting to its old ways in dealing with the National Flood Insurance Program.
View full sizeHomes on Mud Island, in Memphis, Tenn., that are usually high above the water level are met by the rising waters of the Mississippi River in May. The House recently voted a five-year extension of the program, which loses its authorization Sept. 30. But the Senate Banking Committee, which was to vote on its version of an extension bill last week, put off action until this week -- and even that meeting is tentative.
Until a debt extension deal is reached, the committee won't act, and it's likely that Congress will adjourn until Sept. 7 once a debt deal is approved. A delay until September for Senate committee action wouldn't allow much time for Senate approval of a bill, and then reconciliation with the House version before the expiration date.
What it means is that Congress is likely to approve more short-term extensions, which creates the potential that there will be lapses when home buyers won't be able to purchase insurance, a problem that occurred multiple times last year.
Bruce Alpert can be reached at balpert@timespicayune.com or 202.857.5131. Jonathan Tilove can be reached at jtilove@timespicayune.com or 202.857.5125.