"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 JohnsonTimothy (Tim) Peter 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 TesterJonathan (Jon) TesterEMILY’s List president: Franken did 'right thing for Minnesota' Reforming veterans health care for all generations of veterans Trump and Republicans deliver gift that keeps on giving for Americans MORE (D-Mont.), David VitterDavid Bruce VitterWhere is due process in all the sexual harassment allegations? Not the Senate's job to second-guess Alabama voters The Senate 'ethics' committee is a black hole where allegations die MORE (R-La.), Tom CoburnThomas (Tom) Allen CoburnRepublicans in Congress shouldn't try to bring back earmarks Republicans should know reviving earmarks is a political nightmare Former GOP senator: Trump has a personality disorder MORE (R-Okla.) and Chuck SchumerCharles (Chuck) Ellis SchumerDemocrats will need to explain if they shut government down over illegal immigration White House: Trump remarks didn't derail shutdown talks Schumer defends Durbin after GOP senator questions account of Trump meeting 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.