Sunday, February 05, 2006
Tried to post this yesterday, thought I had. In addition to a slow connection (due to a virus and/or deleted files, my friendly neighborhood geek tends to be overbooked, I don't know the technical stuff), the connection keeps going out, esp. when I try to send or publish. Anyway from Friday's T/P:
The hearing, the third in a series by the committee, came as flood insurance administrators prepared to seek permission to borrow another $5.6 billion from the federal treasury to keep paying claims stemming from Hurricanes Katrina, Rita and Wilma.
In all, losses are predicted to add up to about $23 billion, or more than 11 times the program's annual revenue from premiums and fees. Although the money is supposed to be repaid, Shelby suggested last week that the government may have to eat the loss.
Something tells me that the new $18B that the president is promising is going to be closer to $12.5B.
The hearing, the third in a series by the committee, came as flood insurance administrators prepared to seek permission to borrow another $5.6 billion from the federal treasury to keep paying claims stemming from Hurricanes Katrina, Rita and Wilma.
In all, losses are predicted to add up to about $23 billion, or more than 11 times the program's annual revenue from premiums and fees. Although the money is supposed to be repaid, Shelby suggested last week that the government may have to eat the loss.
Something tells me that the new $18B that the president is promising is going to be closer to $12.5B.
