National Flood Insurance Program running out of time, money

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Bound Brook flood, Hurricane Irene, new jersey

MICHELLE BRUNETTI POST / PRESS OF ATLANTIC CITY – A flood insurance program heavily subsidized by taxpayers and $25 billion in debt will end July 31 if not reauthorized by Congress.

Reauthorization is a chance for lawmakers to save the program by changing it — either by drastically cutting costs or increasing revenue.

But in the past year, Congress has handled several other deadlines by extending the existing National Flood Insurance Program for a few months at a time …

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