November 22, 2024

Rise To Thrive

Investing guide, latest news & videos!

Biden likely to ask Congress for supplemental disaster funding

2 min read
Biden likely to ask Congress for supplemental disaster funding

On Monday President Joe Biden addressed the nation about the federal response to Hurricane Helene and signaled he would ask Congress for supplemental disaster funding. 

“That’s my expectation,” he said. 

He also hinted at calling lawmakers back into session to help deal with the emergency. “That is something I may have to request. No decisions been made yet,” he said. 

“I’m committed to traveling to the impacted areas as soon as possible,” said Biden. “I’ve been told that it’d be disruptive if I did it right now. We will not do that at the risk of diverting or delaying any of the response assets needed to deal with this crisis. My first responsibility is to get all the help needed to those impacted areas.” 

Bloomberg News

Hurricane Helene slammed into Florida’s Big Bend early Friday morning leaving a path  of destruction stretching across at least ten states including Georgia, South Carolina, and Tennessee with western North Carolina especially hard hit. At least 100 people have died because of the Category 4 storm and thousands remain without power.   

The White House has approved Major Disaster declarations for Florida and North Carolina which allows survivors to immediately access funds and resources to jumpstart their recovery. 

Emergency declarations have been approved for Florida, North Carolina Tennessee, South Carolina, Georgia, Virginia, and Alabama. The declaration frees up FEMA to provide direct federal support for life saving activities and emergency protective measures including   evacuation, sheltering, and search and rescue.

Federal Emergency Management Agency Administrator Deanne Criswell is reported to be on the ground in Asheville, N.C.  and will be staying there for the “foreseeable future.” 

In addition to FEMA, the president has marshalled over 3,600 personnel drawing from the Federal Communications Commission, the National Guard, the Army Corps of Engineers, the Department of Defense and the Small Business Administration.  

Moody’s Analytics has estimated price tag on storm damage will range from $20 to $34 billion.

Sources also report that Florida’s Hurricane Catastrophe Fund should remain intact from hurricane damage and BofA plans to move forward with two new issuances in the sunshine state this week. 

Biden is planning on a personal visit later this week, possible as early as Wednesday. “I’m committed to traveling to the impacted areas as soon as possible,” he said. 

“I’ve been told that it’d be disruptive if I did it right now. We will not do that at the risk of diverting or delaying any of the response assets needed to deal with this crisis. My first responsibility is to get all the help needed to those impacted areas.” 

Former President Trump has also announced plans to visit areas affected by the hurricane by flying into Valdosta, Georgia., later Wednesday. His plans include visiting a devastated, furniture store, meeting with local officials, delivering remarks and helping to distribute relief supplies.