WASHINGTON -- House Republicans rolled out their plan to fund disaster relief in Majority Leader Eric Cantor's (R-Va.) district, but at the cost of almost half of remaining loans set aside to help the American auto industry.
Included in their plan for a continuing resolution to fund the government past Sept. 30 is a provision to cut $1.5 billion of the $3.4 billion in remaining funds for low-cost loans -- sometimes referred to as "Section 136 loans." The money would be reused to pay for aid to states as they clean up after recent natural disasters like Hurricane Irene and the rare east coast earthquake -- both of which greatly affected Cantor's Virginia district. The cost of disaster assistance is usually added to the budget deficit instead of offset with cuts.
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