The bill's sponsor, Rep. Judy Biggert (R-Ill.), has argued in recent weeks that the NFIP is currently operating with a debt of nearly $18 billion, in large part because it has underpriced risk and promoted development in flood-prone areas. To address that, the bill would begin to phase in higher-risk premiums and reduce subsidies for some properties, in particular those that have made repeat claims.

The program, which is administered by the Federal Emergency Management Agency (FEMA), is set to expire on Sept. 30, and Republicans are hoping to give President Obama a bill to sign before that date.