"If it were to expire, new housing construction would stall, in fact in many places it would come to a halt," Reid said on the floor. "Real estate transactions would come to a screaming halt. Taxpayers would be on the hook for future disasters. This is something we have no choice, we have to get it done."

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The 60-day extension came in the form of a bill offered by Senate Banking Committee Chairman Tim JohnsonTim JohnsonCourt ruling could be game changer for Dems in Nevada Bank lobbyists counting down to Shelby’s exit Former GOP senator endorses Clinton after Orlando shooting MORE (D-S.D.), which was approved without debate.

"Anyone has anything to say about this, you can put it in the record," Reid said with a smile just before the vote.

Reid thanked Johnson and Banking Committee ranking member Richard Shelby (R-Ala.) for working on the issue, as well as Sens. Jon TesterJon TesterSenators introduce lifetime lobbying ban for lawmakers A lifeboat for flood insurance: Roll back out-of-date government ‘safety net’ McConnell promises women can take part in healthcare meetings MORE (D-Mont.), David VitterDavid VitterOvernight Energy: Trump set to propose sharp cuts to EPA, energy spending Former La. official tapped as lead offshore drilling regulator Former senator who crafted chemicals law to lobby for chemicals industry MORE (R-La.), Tom CoburnTom Coburn'Path of least resistance' problematic for Congress Freedom Caucus saved Paul Ryan's job: GOP has promises to keep Don't be fooled: Carper and Norton don't fight for DC MORE (R-Okla.) and Chuck SchumerCharles SchumerCongress urges Trump administration to release public transit funding Overnight Tech: FCC begins rolling back net neutrality | Sinclair deal puts heat on regulators | China blames US for 'Wanna Cry' attack Sasse dominates Twitter with Schumer photo, 'reefer' caption MORE (R-N.Y.).

The House has already passed a 5-year extension of the NFIP, the federal program that offers the only flood insurance available to thousands of communities around the country that sit on flood plains. The House bill includes several reforms aimed at helping the NFIP work down the nearly $18 billion in debt it has racked up, including by increasing insurance premiums.

Coburn has sought to include similar reforms in the Senate bill, but the Senate was unable to work out an agreement on the longer-term bill by the end of May.

The House last week approved a 30-day extension, but is likely to accept the Senate bill next week, since the Senate will be out and the NFIP program expires next Thursday.