Political Quotes

“I see Senator Menendez is now on the floor, and what I wish to do is talk a little about this bill. This bill is going to add $900 million in additional budget authority and outlays over the next 5 years with no offsets, period. The sponsors claim the bill is offset over 10 years but relies on a budget gimmick that assumes Congress would not raise the NFIP borrowing authority once it hits the cap. That has never happened. And in the absence of sufficient borrowing authority, the program would delay payments of insurance claims until additional resources became available. So in reality this bill will add another $2.1 billion in debt to the NFIP while making no substantive changes to address affordability issues. Even the administration states that delaying implementation of these reforms would further erode the financial position of the NFIP, which is already $24 billion in debt. This delay would also reduce FEMA's ability to pay future claims made by all policyholders. NFIP is unaffordable to the American people as the program is currently already more than $24 billion in debt. The pending measure, S. 1926, a bill to delay the implementation of certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012, and to reform the National Association of Registered Agents and Brokers, and for other purposes, would violate the Senate pay-go rule and increase the deficit. Therefore, I raise a point of order on this measure, pursuant to sections 201(a) of S. Con. Res.…”