“We will find the money if there is a need for additional monies,” he added. “But … those monies are not unlimited, and what we’ve always said is we offset [with] that which has already been funded.”
Cantor noted that the House has already approved legislation that increases disaster relief funding by more than $1 billion, and called on the Senate to act on that bill when it returns.
“The president’s got to get involved here too,” he said, noting that Obama has already responded to Virginia’s request for emergency disaster relief money.
The federal government has not yet released a cost estimate for damage done by Hurricane Irene, which pounded the North Carolina coast, forced New York City to close its subway system and caused flooding along the New England coastline and in many inland rivers as it moved through New England and into Canada. Press reports have said total insured losses caused by the storm could reach as high as several billion dollars.