Congress to vote today on Sandy flood aid
WASHINGTON – Many home and business owners flooded out by superstorm Sandy could get insurance payouts soon through congressional action expected today on a $9.7 billion bill to replenish the National Flood Insurance Program.
The Federal Emergency Management Agency, which runs the program, warned that it will run out of money next week if Congress doesn't give it additional borrowing authority to pay out claims. Congress created the program in 1968 because few private insurers cover flood damage.
Northeast lawmakers say the money is urgently needed for storm victims awaiting claim checks from the late October storm that was one of the worst to strike the Northeast, ravaging the coast from North Carolina to Maine, with the worst flooding occurring in Atlantic City, N.J., New York City and Long Island and along the Connecticut coastline.
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