H.R. 41: To temporarily increase the borrowing authority of the Federal Emergency Management Agency for carrying out the National Flood Insurance Program

H.R. 41

To temporarily increase the borrowing authority of the Federal Emergency Management Agency for carrying out the National Flood Insurance Program

Date
January 4, 2013 (113th Congress, 1st Session)

Staff Contact
Communications

Floor Situation

On Friday, January 4, 2013, the House is scheduled to consider H.R.___, to temporarily increase the borrowing authority of the Federal Emergency Management Agency for carrying out the National Flood Insurance Program, under suspension of the rules requiring a two-thirds majority.

Bill Summary

H.R. _____ amends section 1309(a) of the National Flood Insurance Act of 1968 to temporarily increase the borrowing authority of the Federal Emergency Management Agency for the purpose of carrying out the National Flood Insurance Program from $20,725,000,000 to $30,425,000,000 ($9.7 billion).

Background

On December 28, 2012, the Senate passed H.R. 1, with an amendment in nature of a substitute, by a vote of 62 – 32 providing for $60.4 billion in supplemental disaster assistance. 

The Budget Control Act of 2011 (BCA) authorized two types of spending to exceed the established spending caps: disaster and emergency.  While emergency spending is not subject to the caps in the BCA, spending for disaster relief is calculated by taking the average of the previous ten years disaster relief spending, excluding the highest and lowest spending years.

Cost

This amount is designated as an emergency pursuant to section 4(g) of the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 933(g)).

The amounts of new budget authority, outlays, or revenue that result from a provision designated as an emergency in a PAYGO measure are not included in CBO estimates.