Obama Proposes $60.4 Billion Hurricane-Recovery Bill [View all]
Source: New York Times
WASHINGTON — President Obama proposed a $60.4 billion emergency spending bill on Friday to finance recovery efforts in states pummeled by Hurricane Sandy, a sum White House officials called a “robust” investment in the region but that was far less than the amount the states had requested.
The spending plan would pay for most but not all of the $82 billion in damage identified by the governors of New York, New Jersey and Connecticut, helping homeowners and small-business owners rebuild, repairing subway and other transit systems, replenishing eroded beaches and reimbursing governments for the cost of police, firefighters and other services.
The president’s plan would not cover several big-ticket items sought by state governments. It would not pay for damage already covered by private insurance and would extend aid only to primary residences. While small businesses will be eligible for help, larger private firms like Consolidated Edison will not be. The plan also assumes that states will have to pay about 10 percent of the cost of any repair and mitigation projects that are approved, even though they asked the federal government to foot 100 percent of the bills.
Read more: http://www.nytimes.com/2012/12/08/nyregion/obama-proposes-hurricane-recovery-bill.html?partner=rss&emc=rss&smid=tw-thecaucus
This is not everything we had hoped for, but it is better than the $50 billion we were hearing about yesterday.
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