Coburn Criticizes Senate Vote On Flood Bill
Senator Tom Coburn today criticized the Senate after it rejected, by a margin of 70 to 26, his attempt to pay for a bloated Flood Insurance Bill with spending cuts rather than borrowed money. The bill was a $30 billion bailout of the National Flood Insurance Program (NFIP), which was created with the intent of helping homeowners recover from disasters that traditional insurance would not cover.
“Today, Senators had a chance to do the responsible thing and pay for this bill with common sense fiscal restraint," Coburn said. "Unfortunately, politicians in both parties chose not to do the hard work of conducting oversight on a program that hasn’t worked and isn’t going to work. Countless audits and studies have shown that the NFIP has turned into a boondoggle that subsidizes wealthy homeowners who don’t want to pay for the risks associated with living near the ocean or a flood plain. Yet, instead of fixing the problems with the program, politicians who are running for re-election chose to charge $30 billion to the next generation."
“Today, Senators had a chance to do the responsible thing and pay for this bill with common sense fiscal restraint," Coburn said. "Unfortunately, politicians in both parties chose not to do the hard work of conducting oversight on a program that hasn’t worked and isn’t going to work. Countless audits and studies have shown that the NFIP has turned into a boondoggle that subsidizes wealthy homeowners who don’t want to pay for the risks associated with living near the ocean or a flood plain. Yet, instead of fixing the problems with the program, politicians who are running for re-election chose to charge $30 billion to the next generation."
Labels: Flood Insurance Bill, NFIP, Tom Coburn
posted by Mike McCarville @ 2:12 PM
<< Home