Washington – The White House is estimating that Hurricane Irene will cost the federal government $1.5 billion in disaster relief.
Join our WhatsApp groupSubscribe to our Daily Roundup Email
White House budget chief Jacob Lew released that preliminary estimate Monday. He said the $1.5 billion was on top of $5.2 billion needed for other recent disasters, including tornadoes that leveled much of Joplin, Mo.
The spending may touch off yet another partisan fight between President Barack Obama and Congress.
The Obama administration has said last month’s debt ceiling deal with Congress allows the money to be spent by adding to federal deficits — a long-time practice for financing emergencies. The House’s No. 2 Republican, Majority Leader Eric Cantor of Virginia, has said the disaster spending should be paid for by finding offsetting cuts from the rest of the budget.
Doesn’t compare to the trillion dollar failed stimulus, but a nice meaningless token gesture just the same.
LOL!!!
That’s 700 million dollars MORE than FEMA has to spend in their budget account! Yes, that it correct, you have not been misled by the Navon, the US govt actually does not have the money! FEMA only has $800 million in its coffers, according to the New York Daily News AND ABC news!
We’re going to soon feel the bankruptcy of the US govt when federal funding is diminished for many programs, like the post office, which is running a 5.5 billion dollar deficit, social services like welfare, medicaid, food stamps and social security, etc. this may be the beginning of a new era in which our lives will all change quite dramatically!