UNDERWRITER UNDERWATER: Key flood insurance underwriter already $23 billion in debt.

The National Flood Insurance Program (NFIP), the singular source of flood insurance for most Americans, is already $23 billion in debt after servicing prior natural disasters, including Hurricanes Sandy and Katrina. Costs from Harvey are expected to increase that debt by billions of dollars. The NFIP, which is overseen by FEMA, has borrowed money from the U.S. Treasury, and thus from taxpayers, in order to keep itself running. That debt is due next month, when the program is also up for reauthorization in Congress.

The government has already said it would be impossible for the flood program to repay such a staggering amount of dues, causing some to believe the program needs a major overhaul to prevent structural debt accumulations every time there is a disaster situation.

Stay tuned.