Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

New York's fatal floods stoke calls for U.S. infrastructure spending

EconomySep 02, 2021 02:25PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Abandoned cars are left on a flooded highway, as local media reported the remnants of Tropical Storm Ida bringing drenching rain and the threat of flash floods and tornadoes to parts of the northern mid-Atlantic, in the Queens borough of New York City, U.

By David Shepardson and Jason Lange

WASHINGTON (Reuters) - Fatal floods in New York and New Jersey prompted Democractic lawmakers and experts to intensify calls on Thursday for U.S. infrastructure spending, including passage of a $1.2 trillion bill before Congress.

With the weather impact of climate change worsening, the infrastructure bill passed by the Senate and awaiting House of Representatives approval includes $47 billion for climate resilience measures. These are intended to help communities withstand more severe storms, droughts, floods, fires, heat waves and sea level rise, Democrats said.

"Global warming is upon us and it's going to get worse and worse," said Senate Democratic Leader Chuck Schumer of New York at a press conference. "That's why it is so imperative to pass" the $1.2 trillion infrastructure and a separate $3.5 trillion spending bill, priority initatives for President Joe Biden.

Torrential rains from Ida, a tropical storm that was previously a hurricane, deluged the Northeast from Philadelphia to Connecticut on Wednesday and Thursday. Flooding killed at least 14 people, submerged subway lines and temporarily grounded flights in New York and New Jersey.

The infrastructure bill includes funding for flood mitigation grants, coastal resilience projects and mapping and data to improve flood protection.

"We don't just build infrastructure but we build resilient infrastructure so when these floods or fires or anything else occurs they are much more resistant," Schumer said.

Republicans have highlighted concerns that the spending would cause federal debt to balloon. The infrastructure bill split the Republican caucus in the Senate, with 19 voting for it while 30 opposed the measure.

But even more money might be needed, according to Joel Scata of the Natural Resources Defense Council. "Given the context of climate change, things are going to become very expensive," Scata said.

He said the infrastructure bill's funding for climate impact, notably flooding, is the largest in modern U.S. history.

Extreme weather has exposed infrastructure weaknesses thoughout the country. When Ida came ashore as a hurricane in Louisiana this week, it knocked out power to much of the state, and hundreds of thousands may be without electricity for a month. In February, a Texas cold snap triggered widespread blackouts that killed at least 32.

Representative Betty McCollum, a Minnesota Democrat, said Ida was "a devastating reminder that we must invest in climate-resilient infrastructure to save lives."

Chris Brown, a former Republican congressional staffer who runs natural disaster advocacy group SmarterSafer, said Congress could face pressure to approve further funding for disaster relief.

"We've got to start thinking of preparing for the storm and mitigating before it hits," said Brown, "These are not 500-year events anymore. These are regularly ocurring events."

New York's fatal floods stoke calls for U.S. infrastructure spending
 

Related Articles

Top 5 Things to Watch in Markets in the Week Ahead
Top 5 Things to Watch in Markets in the Week Ahead By Investing.com - Jan 16, 2022 22

By Noreen Burke Investing.com -- Earnings season kicks into high gear in the coming week, with the financial sector particularly in focus. Earnings results will test growth stocks...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Brandon Wooton
Brandon Wooton Sep 02, 2021 3:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
no it doesn't
Felipe Daniel
Felipe Daniel Sep 02, 2021 2:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
New York is broken state due to failed Democratic leadership
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email