White House asks Congress for $16bn NFIP bailout

The National Flood Insurance Program would get a $16bn infusion of
credit under a new disaster relief financing proposal White House
budget director Mick Mulvaney sent to Congress late today.
In his request, Mulvaney said the NFIP, as it is known, will be
unable to pay claims by later this month, having exhausted its cash
on hand and $30.4bn in borrowing authority from the US Treasury.
"The recent hurricanes have inflicted projected losses of $16
billion," Mulvaney said. "Put plainly,...