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Trump signs bill forgiving $16 billion in NFIP debt

Posted On: Oct. 27, 2017 11:07 AM CST

Trump signs bill forgiving $16 billion in NFIP debt

President Donald Trump signed a $36.5 billion disaster relief bill that will forgive $16 billion in debt owed by the National Flood Insurance Program.

The president signed the bill on Thursday after the U.S. Senate adopted it by an 82-17 vote on Tuesday.

The U.S. House of Representatives previously passed the disaster relief bill by a 353-69 vote.

The president advocated in favor of the bill’s passage as hurricanes Harvey and Irma inflicted projected losses of $16 billion on top of the existing $24.6 billion in program debt prior to the recent storms and with the NFIP expected to fully exhaust its financial resources, including its $30.4 billion in borrowing authority, this month.

However, a statement from the White House press secretary on Tuesday reiterated the president’s urging of Congress to adopt reforms to the NFIP “to ensure the program’s long-term financial viability” and noted the president “looks forward to working with Congress to achieve that goal.”