With a stroke of the pen, President Obama has delayed a reckoning for the National Flood Insurance Program for at least another year.

The yearlong extension of the debt-ridden program comes after multiple three-month extensions and lapses of the program. A 2008 report by the U.S. Government Accountability Office (GAO) concluded that the NFIP owes the U.S. Treasury $17 billion, and is ill equipped to meet losses in the event of a future catastrophe.

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