Michele Bachmann: “Today, over 5 million Americans rely on the National Flood Insurance Program to protect their homes and businesses in…”

“Today, over 5 million Americans rely on the National Flood Insurance Program to protect their homes and businesses in the event of a flood. But since January of last year, there have been over 77 declared disasters involving flooding. And just this August, in our home State of southeastern Minnesota, we experienced severe flooding that caused distress to over 1,500 homes. According to FEMA, and according to the Minnesota Homeland Security and the Emergency Management, the Federal Government has disbursed at this point nearly $31 million in Federal recovery funds to over 4,200 people. And currently, there are over 8,000 people, specifically, there are 8,434 national flood insurance policies in effect in my home State of Minnesota. But, unfortunately, as floods continue to occur across our great Nation, the National Flood Insurance Program is in trouble. It's not good news. It's bad news. And the program today, unfortunately, is $18 billion in debt. That's today, as it stands, and it's required to pay that debt back with interest over time. This debt will be paid back with the premiums that are charged to those families who are relying on this flood insurance program. The base bill that's before us is a good one because it attempts to help solve some of the fiscal problems today that are facing the National Flood Insurance Program.”