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California’s Boom Collapses as Fires Add $1.1 Billion Toll (2)

Oct. 16, 2020, 9:42 PM

The wildfires, power outages and extreme weather that have ravaged California are setting the stage for a deepening economic crisis for an engine of U.S. growth.

Blazes that scorched 4.1 million acres, more than the past three years combined, have cost a record $1.1 billion to battle. S&P Global Ratings is warning that a new fund to help utilities cover liabilities may fall short. California’s finances are already battered, with the coronavirus pandemic busting a $54 billion hole in the budget and hope fading for federal stimulus anytime soon.

Meanwhile, the state’s financial needs and strains with the Trump administration ...

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