Following the over 50 inches of rain that hit the coast of Texas following Hurricane Harvey, the U.S. House will vote on the first phase of emergency relief money for the affected areas. The House is expected to vote sometime in mid-September, Bloomberg reports. The House and Senate are set to return to Washington September 5 following summer recess.
An anonymous aide stated that this first down payment would replenish the Federal Emergency Management Agency (FEMA) funds which had been used immediately following the storm.
"I’ve got every confidence that Congress will deal with this in a timely way," said Energy Secretary former Texas governor Rick Perry.
On Wednesday, MReport that Moody's Analytics projects loss in southeast Texas to be between $51 billion and $75 billion, with home and vehicle damage estimated at $30 billion to $40 billion. With no real way to fully analyze losses, these losses could be higher. Moody’s expects the majority of the storm’s impact will fall on the residential housing market. Warren Buffett noted the possible impact such losses may have.
“I don't think it would be a full percentage point for a year or anything like that. But it has a real effect. It destroys wealth. If there's $150 billion, or something, of uninsured losses that's real wealth," Buffett said on CNBC's "Squawk on the Street."
President Trump’s administration has plans to restore the Houston area through a “responsible supplemental” budget, which will come in two parts, with the first part designed to keep FEMA operating, and fund a federal disaster relief fund.
“I spent yesterday with the president in Corpus Christi and Austin and the president was unequivocal in his commitment that the administration would be there for Texas,” said Texas senator Ted Cruz. He added he anticipates “providing the aid that Texans need."