Political Quotes

“I yield myself such time as I may consume. Madam Speaker, I rise today in support of S. 3814, which extends the National Flood Insurance Program through September 30, 2011. I feel like we're deja vu all over again. We've done this several times, I think, in the last several months and years. That timeframe will give us ample opportunity to craft a bill that fundamentally reforms the program, which needs fundamental reform. It's unfortunate this Congress has, to date, been unable to enact comprehensive reform of the flood insurance program. Currently, as we know, the flood insurance program is carrying a debt of $18 billion. The program remains underfunded and unable to meet its potential obligations. And its financial shortfall continues to place taxpayers at risk for the cost of property losses caused by flooding. On July 15, 2010, the House approved H.R. 5114, the Flood Insurance Reform Priorities Act, which included many constructive reforms. However, many of us on this side of the aisle felt that the measure did not go far enough to put the NFIP on a path towards sound financial footing. In fact, despite the reforms included in H.R. 5114, which included several Republican amendments, the CBO projected that if H.R. 5114 were enacted, the National Flood Insurance Program would still need to borrow additional funds from the U.S. Treasury to cover losses and would exhaust its current borrowing authority by the year 2013.…”