Industry News

Congress to hash out details of hurricane relief bill

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The U.S. Senate on Thursday voted 77-21 to approve legislation that includes $28.9 billion for states impacted by hurricanes Katrina and Rita. The bill, which in March passed the House with a 348-71 vote, will likely be amended during a conference of House and Senate members. reported that the bill would provide about $4.2 billion for a housing buyout plan in Louisiana, in addition to $6.2 billion approved by Congress in December, $3.7 billion for levee repairs, and $1.7 billion from the Federal Emergency Management Agency to raise and protect homes. The Associated Press reported that in addition to the $28.9 billion for hurricane relief, the legislation would also provide $4 billion for levees and for flood-control projects. Also included in the legislation is $65.7 billion for war operations. While the Senate's bill includes a total spending plan of $109 billion, that is higher than what President Bush has said he would approve and higher than what the House will accept, t...