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 WASHINGTON (AP) - The federal flood insurance program may be going broke after incurring $20 billion in debt from recent storms like Hurricane Katrina. Still, politicians want to extend the taxpayer-subsidized coverage for some of the riskiest — and potentially most valuable — properties in the country.
For all it didn't accomplish this year, Congress passed two bills carving out exceptions to a law passed years ago to phase out federal spending that might encourage development in environmentally sensitive and disaster-prone areas.
One of the bills benefited Jekyll Island, a vacation spot off Georgia's coast that is poised for redevelopment, while the other helped a mostly undeveloped 10-lot subdivision on Florida's Gulf Coast.
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