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Week Ending February 10, 2006

S.2275 A bill to temporarily increase the borrowing authority of the Federal Emergency Management Agency for carrying out the national flood insurance program.

Deluged by flood insurance claims from 2004 and 2005 hurricanes, FEMA would be allowed to borrow from the US Treasury up to $21.2 billion to pay off the claims.

The amount is an increase from the previously authorized $18.5 billion. The President  must approve of the borrowing. The funds are considered emergency spending and are therefore off-budget.

Sponsor: Senator Richard C. Shelby (R-AL)

Vote: Passed Senate by Unanimous Consent February 10, 2006. Passed House by voice vote February 14, 2005.

Cost to the taxpayers: The bill would add $21.2 billion to the deficit.

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