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H.R. 41, a Bill to Temporarily Increase the Borrowing Authority of the Federal Emergency Management Agency for Carrying out the National Flood Insurance Program [1] (January 4, 2013)

handle is hein.congrec/cbo10953 and id is 1 raw text is: January 4, 2013 H.R. 41, a bill to temporarily increase the borrowing authority of the Federal Emergency Management Agency for carrying out the National Flood Insurance Program, as introduced on January 3, 2013 By Fiscal Year, in Millions of Dollars 2013- 2013- 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2018 2023 CHANGES IN DIRECT SPENDING Estimated Budget Authority 5,250 1,040 1,020 990 960 440 0 0 0 0 0 9,700 9,700 Estimated Outlays 5,250 1,040 1,020 990 960 440 0 0 0 0 0 9,700 9,700 Note: The legislation would increase the maximum level of borrowing that the Federal Emergency Management Agency (FEMA), on behalf of the National Flood Insurance Program, could have outstanding at any time by $9.7 billion. Based on historical claims data and other information from FEMA, CBO estimates that more than $5 billion of new borrowing would be used in 2013, mostly to cover expenses related to Superstorm Sandy. Because FEMA sets premium rates below expected cost for some policies, CBO expects that remaining borrowing authority would be used in future years to cover program deficits until total borrowing reaches the proposed limit of $30.4 billion (which CBO projects would occur sometime in fiscal year 2018). The additional borrowing authorized by the bill would increase direct spending by $9.7 billion over the 2013-2018 period, CBO estimates. Amounts provided by the bill would be designated as an emergency pursuant to Section 4(g) of the Statutory Pay-As-You-Go Act of 2010. DH

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