Inside Report (1)
David Stockman outdone by environmentalists in finding federal budget trims? Apparently. What the environmentalists want cut is subsidies to an insurance program that encourages development on delicate barrier islands and other flood-prone areas.
They contend that the government pays out twice as much in insurance benefits to help rebuild flooded property as it takes in on premium payments -- costing taxpayers unnecessarily and promoting unwise development. Some environmentalists would like the government to buy up undeveloped barrier isles.
Although Congress is not in a spending mood, it may consider trimming the insurance program.m