Sign up for a daily newsletter defining what matters in business and markets

Stories

House passes $7.9 billion Harvey aid package

A pile of debris outside a business damaged by floodwaters in the aftermath of Hurricane Harvey in Spring, Texas, September 5, 2017 (AP)

The House overwhelmingly passed a $7.9 billion funding package to aid Hurricane Harvey recovery efforts Wednesday, per CNN.

  • The bill is now off to the Senate, where lawmakers are expected to attach a measure to raise the debt ceiling. They will then vote on the package and send it back to the House for a final vote, which is expected by the end of the week.
  • The bulk of funding, $7.4 billion, will go to the Federal Emergency Management Agency's (FEMA) Disaster Relief Fund, which FEMA has said is rapidly running out of resources.
  • The other $450 million will go to the Small Business Administration's disaster loan program.