News Roundups

California's wildfires could spark a financial crisis, Democrats unveil green alternative for U.S. economic stimulus, and more

Daily stimulus and recovery news headlines from September 11, 2020.

How California's wildfires could spark a financial crisis

Wildfires across the U.S. West are among the sparks from climate change that could ignite a U.S. financial crisis by damaging home values, state tourism and local government budgets, an advisory panel to a U.S. markets regulator found.

Those effects could set off a cascade of events including defaults and market disruptions, undermining the U.S. economy and sparking a crisis.

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The scaled-back Republican stimulus plan fails in the Senate, darkening prospects for a deal before the election.

Senate Republicans on Thursday failed to advance their substantially scaled-back stimulus plan amid opposition by Democrats who called the measure inadequate, further darkening the already dim prospects that Congress will enact another economic recovery measure to address the toll of the pandemic before November’s election.

After months of struggling to overcome deep internal divisions over the scope of another relief package, Republicans presented a near-united front in support of their latest plan, while Democrats opposed it en masse, denying it the 60 votes it would have needed to advance.

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BP’s $1.1 Billion Deal Marks First Step Into Offshore Wind

BP Plc, the oil giant that announced a seismic strategy shift last month, made its first venture into offshore wind power with a $1.1 billion purchase of U.S. assets from Norway’s Equinor ASA.

The deal marks the start of an offshore-wind investment partnership in the region for the two companies, which have been at the forefront of the rapid changes in the oil industry as companies seek to adapt to the realities of climate change.

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Democrats unveil green alternative for U.S. economic stimulus

Democratic lawmakers on Thursday unveiled a U.S. economic recovery agenda that would bolster union jobs while tackling climate change and racial injustice - a wide ranging alternative to Republican proposals for stimulating the coronavirus-battered economy.

Senate Minority Leader Chuck Schumer and Representative Deb Haaland introduced the resolution called THRIVE (Transform, Heal, and Renew by Investing in a Vibrant Economy), which so far has 83 congressional co-sponsors, including Senator Ed Markey and congresswoman Alexandria Ocasio-Cortez, co-authors of the Green New Deal.

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