CBO: Bill to delay flood-rate hikes would add $2.2B to NFIP debt over 10 years
The CBO “scored” the legislation as costing $900 million over five years, according to R Street Senior Fellow R.J. Lehmann. Lehmann says he did not know about the efforts underway to offset the cost, but adds, “I am not surprised.”
There is no score over 10 years, but it results in an additional $2.2 billion deficit to the program over that period, Lehmann says. “That part does not score because of technical issues related to the need for more borrowing authority, which CBO does not count until Congress approves an increase in the NFIP borrowing authority,” Lehmann says…
…In a statement, Lehmann says, “While it is reasonable for Congress to address hardships that could make flood insurance unaffordable for lower-income homeowners, a blanket delay would mean continuing to subsidize beach homes for the wealthy, as well”
He says the Senate “should be careful not to throw the baby out with the bathwater. To avoid that fate, Senate leadership must allow an open amendment process, so that more targeted compromises may be considered.”
