US Senate acts to extend flood insurance program - KWWL - Eastern Iowa Breaking News, Weather, Closings

US Senate acts to extend flood insurance program

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WASHINGTON, D.C. (KWWL) -

The US Senate has voted to extend the life of the National Flood Insurance Program for two months, giving lawmakers time to work on a long-term extension that would seek to restore fiscal solvency to the debt-ridden program.

The House last week approved a one-month extension of the program, and the two chambers will have to decide on a common approach before the program's charter runs out at the end of the month.  The House last year passed a five-year extension that provides flood protection to some 5.6 million policyholders.

That bill, which the Senate did not act on, took steps to restore fiscal integrity to the program, which was hit hard by Hurricane Katrina in 2005 and now owes the Treasury nearly $18 billion.

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