Industry organizations have responded enthusiastically to news that Congress has agreed to a $9.2 billion authorized increase to the National Flood Insurance Program (NFIP), which is necessary to pay claims resulting from Superstorm Sandy. The bill had already passed the Senate and President Barack Obama is expected to sign it.
Congressional Republicans had recently been criticized for House Majority Speaker John Boehner’s decision to delay a vote on a $60 billion aid package that has been passed by the Senate. A vote is expected on January 15 for the $51 billion balance of the proposal.
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