Why your home should never close again
On Tuesday, it was reported that the United States would no longer be able to afford to pay the price of its catastrophic response to Hurricane Irma.
The United States government will have to start paying for the cost of evacuations and rescues of thousands of homes, and the price is rising.
At the moment, the government is able to pay for evacuations by issuing a $1 billion bond to cover the cost, but it’s likely to be $5 billion, which is only the first step in a larger plan.
The cost of the $1.2 billion bond was revealed during a Senate Homeland Security and Governmental Affairs hearing on Tuesday.
It’s unclear how many people will be forced to evacuate or how much the bond will cost.
The Department of Housing and Urban Development said Tuesday it would be able afford to help the state’s poorest residents if they were to receive the bond.
The Department of Energy has said that its response to Irma would cost $4 billion, but that figure could be higher if the country were to default on its payments to the U.S. government.