After $130 Billion Of Disaster Aid—It’s Time To Reform Flood Insurance

The Congressional Budget Office projects the program will continue to run an average annual structural deficit of $1.4 billion, evident in the fact that it has had to borrow in excess of $40 billion from U.S. taxpayers in recent years. Congress was presented with the perfect opportunity to address these fundamental issues when it passed a $36.5 billion disaster aid package in October. Instead, lawmakers included a provision in that bill forgiving $16 billion of the NFIP’s debt, without demanding any reforms at all.