• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

New

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Leadership

Hurricane Harvey Aftermath Could Cause a Political Storm

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
August 26, 2017, 10:03 AM ET
US-WEATHER-STORM-HARVEY
A burnt out house and cars that caught fire are seen after Hurricane Harvey hit Corpus Christi, Texas on August 26, 2017. Hurricane Harvey slammed into the Texas coast late Friday, unleashing torrents of rain and packing powerful winds, the first major storm to hit the US mainland in 12 years. / AFP PHOTO / MARK RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)MARK RALSTON AFP/Getty Images
Add Fortune on Google for similar content.

With Hurricane Harvey set to be the most damaging storm to hit the U.S. in a dozen years, Congress may be called upon to provide billions in extra storm relief this fall to help with the recovery.

That could put Texas Republican Senators John Cornyn and Ted Cruz — and Vice President Mike Pence — in a political bind, forcing them to choose between quick aid and their own past demands for spending cuts to offset emergency disaster funds.

The Federal Emergency Management Agency disaster relief fund had just $3.8 billion as of July 31, with most of that set to be spent by the end of September. The House has proposed adding $6.8 billion in the fiscal year that starts Oct. 1.

Those funds are likely insufficient. A report Friday from CoreLogic estimated that Hurricane Harvey would cause $39.6 billion of damage alone to homes in its immediate path. That figure is closer to the aid package that Congress approved in early 2013 for the East Coast to recover from Superstorm Sandy, which topped $50 billion.

Cruz and Cornyn voted against the final Sandy aid package. During that debate, they voted for an amendment that would have cut domestic spending to pay for the emergency funding. Cruz at the time said that not all the funds were being allocated properly. Cornyn “voted for a Sandy aid package without the unrelated spending, which included things like repairing fisheries in the Pacific,” said Cornyn spokesman Drew Brandewie.

Both senators wrote to Texas Governor Greg Abbott Friday urging him to expedite emergency funding for the state this time around.

The fiscal bind also extends to the White House. In 2005, Pence, who was then a congressman from Indiana, led an effort called Operation Offset aimed at requiring deep spending cuts to pay for Hurricane Katrina relief.

About the Author
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Leadership

na
SuccessAuction
Neil Armstrong’s boyhood home, nearly untouched, goes up for sale with no legal protection
By John Seewer, Patrick Aftoora-Orsagos and The Associated PressAugust 5, 2026
42 minutes ago
OpenAI logo is seen displayed on a smartphone with code in the background.
C-SuiteCFO Daily
What OpenAI’s finance team is becoming in the age of AI
By Sheryl EstradaAugust 5, 2026
1 hour ago
Ask your employees one question about AI. The silence will tell you everything
Commentarydisruption
Ask your employees one question about AI. The silence will tell you everything
By Will DroverAugust 5, 2026
3 hours ago
Bill Ackman’s next big bet is convincing Americans to fall back in love with capitalism
NewslettersCEO Daily
Bill Ackman’s next big bet is convincing Americans to fall back in love with capitalism
By Alyson ShontellAugust 5, 2026
4 hours ago
Noa Khamallah smiles in a white polo with his hands in his pockets
NewslettersTerm Sheet
Noa Khamallah was a street kid and convict. Now his $10 million fund is taking on mega-VCs
By Lily Mae LazarusAugust 5, 2026
5 hours ago
Bill Ackman, unfiltered: The billionaire hedge fund founder’s take on AI, investing, and why socialism is a ‘disaster’
C-SuiteFortune 500: Titans and Disruptors of Industry
Bill Ackman, unfiltered: The billionaire hedge fund founder’s take on AI, investing, and why socialism is a ‘disaster’
By Fortune EditorsAugust 5, 2026
6 hours ago

Most Popular

How Zohran Mamdani's pied-à-terre tax exposed an epidemic of 'ghost cars' instead
Personal Finance
How Zohran Mamdani's pied-à-terre tax exposed an epidemic of 'ghost cars' instead
By Catherina GioinoAugust 4, 2026
1 day ago
Bars, bowling alleys, and movie theaters cost too much to run and visit. Americans have run out of places to hang out and we're paying with our health
North America
Bars, bowling alleys, and movie theaters cost too much to run and visit. Americans have run out of places to hang out and we're paying with our health
By Catherina GioinoAugust 2, 2026
3 days ago
Forget Gen Z: People in their 70s and 80s are some of the earliest Americans to welcome physical AI into their homes and daily routines
AI
Forget Gen Z: People in their 70s and 80s are some of the earliest Americans to welcome physical AI into their homes and daily routines
By Marco Quiroz-GutierrezAugust 3, 2026
2 days ago
Current price of oil as of August 4, 2026
Personal Finance
Current price of oil as of August 4, 2026
By Joseph HostetlerAugust 4, 2026
1 day ago
Scott Bessent is using moves from his hedge fund days to prop up Japan's yen—and America's $40 trillion national debt
Economy
Scott Bessent is using moves from his hedge fund days to prop up Japan's yen—and America's $40 trillion national debt
By Mia OsmonbekovAugust 4, 2026
19 hours ago
Ray Dalio on the AI bubble nearing 1929, 2000 levels and the lesson people always forget: 'Wealth is not the same as money'
Investing
Ray Dalio on the AI bubble nearing 1929, 2000 levels and the lesson people always forget: 'Wealth is not the same as money'
By Nick LichtenbergAugust 4, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.