The U.S. House of Representatives has approved a one-year extension of the National Flood Insurance Program, moving the measure one step closer to passage.

Unable to reach consensus on either a short- or long-term extension on the National Flood Insurance Program (NFIP), legislators in Washington, D.C., will let the federal program lapse as of the first day of the hurricane season.

President Barack Obama has proposed cutting the federal subsidy to insurance companies providing terrorism insurance, starting in 2011.