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  • Hurricane Helene recovery could cost $34 billion. Here’s who might pay

    Hurricane Helene recovery could cost $34 billion. Here’s who might pay

    An aerial picture taken on September 28, 2024, shows storm damage in the aftermath of Hurricane Helene in Valdosta, Georgia.

    John Falchetto | Afp | Getty Images

    The devastation wrought by Hurricane Helene across the southeastern United States could cost upwards of $34 billion, according to early estimates from Moody’s Analytics.

    And due to the eroded state of the private insurance landscape in some affected areas, Congress may have to foot the bulk of the bill.

    “I wouldn’t be surprised if [Helene] sends another monkey wrench into the insurance market,” Moody’s chief economist Mark Zandi told CNBC.

    Uprooted trees, winds of 140 miles per hour winds and mass flooding ravaged towns and cities in Florida, Georgia, North Carolina, South Carolina, Virginia and Tennessee over the past week.

    As of Thursday, the storm had killed more than 200 people and left hundreds more missing. Nearly 1 million people remained without power.

    Teams work on the damaged areas after hurricane Helene hits the Asheville along with the western part of North-Carolina in Asheville, United States on September 30, 2024. 

    Peter Zay | Anadolu | Getty Images

    The Moody’s report, released as Helene was making landfall last week, estimated that property damage could cost between $15 billion to $26 billion.

    And the resulting economic slowdown could cost $5 billion to $8 billion in productivity losses.

    These initial estimates are low and will likely be revised higher as the full scope of the storm’s damage comes into view, Zandi told CNBC.

    Most of the damage from Helene is attributable to storm surges and river flooding.

    That means flood insurance, not standard property insurance, is supposed to cover the damage, according to Mark Friedlander, spokesman for the Insurance Information Institute.

    That is a problem, Friedlander said, because “many of the hardest-hit areas of the Southeast and southern Appalachia have very low flood insurance take-up rates.”

    A house along the Broad River in the aftermath of Hurricane Helene on October 1, 2024 in Bat Cave, North Carolina. 

    Sean Rayford | Getty Images

    Only about 6% of U.S. homeowners have flood insurance through either a private company or the congressionally funded National Flood Insurance Program, despite 90% of natural disasters involving flooding, he said.

    The Federal Emergency Management Agency, which in the past year has operated on a tight budget, has been coordinating the recovery response to Helene.

    On Aug. 7, FEMA triggered its “Immediate Needs Funding” status as money ran low in its Disaster Relief Fund.

    That meant the agency would only spend on immediate disasters and paused its longer-term rebuilding efforts across the country.

    On Tuesday, FEMA got a much-needed $20 billion cash infusion after Congress’ stopgap funding bill went into effect.

    But as government officials assess the full scale of Helene’s damage, they are expressing an increasing need for Congress to pass a supplemental disaster relief funding package, which was stripped out of its temporary spending resolution.

    That could take some time as Congress is on recess until Nov. 12.

    President Joe Biden said Monday he “may have to request” that Congress end its recess early and return to Washington, a rare move, to pass funding for additional disaster relief.

    US President Joe Biden (2R) participates in a tour and briefing of an area affected by Hurricane Helene in Keaton Beach, Florida, on October 3, 2024. 

    Mandel Ngan | AFP | Getty Images

    Several lawmakers from the impacted states, including Rep. Wiley Nickel, D-N.C., echoed that call later Monday, urging their colleagues to return to Capitol Hill to vote for that funding.

    Florida Republican Sen. Rick Scott agreed, but said Congress should return after FEMA gives firm dollar amount for what is needed.

    Rep. Mark Amodei, R-Nev., told CNBC he does not believe Congress needs to end its recess early because FEMA is still assessing its initial funding request.

    Read more CNBC politics coverage

    “We can deal with it when you have a number,” Amodei said. “Right now, are you shooting at a moving target? Actually, you’re shooting at an unknown target.”

    “I’m not looking forward to what that number is going to be when FEMA does their assessment, because it’s going to be a huge number,” Amodei added.

    In the meantime, other federal leaders are working to pitch in where they can.

    Federal Reserve Chair Jerome Powell said Monday that the central bank is working to ensure that banks in the impacted areas have enough cash “so that if power is out for a significant amount of time, there’s enough cash to do transactions.”

    “Obviously, we’re mainly on the sidelines,” Powell said at a panel with the National Association of Business Economics. “Sympathizing with this very difficult situation people are in.”

  • Here’s what to watch on the eve of Election Day 2024

    Here’s what to watch on the eve of Election Day 2024

    WASHINGTON (AP) — Election Day is nearly upon us. In a matter of hours, the final votes in the 2024 presidential election will be cast.

    In a deeply divided nation, the election is a true toss-up between Democrat Kamala Harris and Republican Donald Trump.

    We know there are seven battleground states that will decide the outcome, barring a major surprise. But major questions persist about the timing of the results, the makeup of the electorate, the influx of misinformation — even the possibility of political violence. At the same time, both sides are prepared for a protracted legal battle that could complicate things further.

    Here’s what to watch on the eve of Election Day 2024:

    History will be made either way

    Given all the twists and turns in recent months, it’s easy to overlook the historical significance of this election.

    Harris would become the first female president in the United States’ 248-year history. She would also be the first Black woman and person of South Asian descent to hold the office. Harris and her campaign have largely played down gender and race fearing that they might alienate some supporters. But the significance of a Harris win would not be lost on historians.

    A Trump victory would represent a different kind of historical accomplishment. He would become the first person convicted of a felony elected to the U.S. presidency, having been convicted of 34 felony counts in a New York hush-money case little more than five months ago.

    Trump, who is still facing felony charges in at least two separate criminal cases, argued that he is the victim of a politicized justice system. And tens of millions of voters apparently believe him — or they’re willing to overlook his extraordinary legal baggage.

    How long will it take to know the winner?

    Election Day in the United States is now often considered election week as each state follows its own rules and practices for counting ballots — not to mention the legal challenges — that can delay the results. But the truth is, nobody knows how long it will take for the winner to be announced this time.

    In 2020, The Associated Press declared President Joe Biden the winner on Saturday afternoon — four days after polls closed. But even then, The AP called North Carolina for Trump 10 days after Election Day and Georgia for Biden 16 days later after hand recounts.

    Four years earlier, the 2016 election was decided just hours after most polls closed. The AP declared Trump the winner on election night at 2:29 a.m. (it was technically Wednesday morning on the East Coast).

    This time, both campaigns believe the race is extremely close across the seven swing states that are expected to decide the election, barring a major surprise: Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin.

    The size of the map and the tightness of the race make it hard to predict when a winner could be declared.

    What to know about the 2024 Election

    Where can I find early clues about how the contest might unfold?

    Look to two East Coast battleground states, North Carolina and Georgia, where the results could come in relatively quickly. That doesn’t mean we’ll get the final results in those states quickly if the returns are close, but they are the first swing states that might offer a sense of what kind of night we’re in for.

    To go deeper, look to urban and suburban areas in the industrial North and Southeast, where Democrats have made gains since 2020.

    In North Carolina, Harris’ margins in Wake and Mecklenburg Counties, home to the state capital of Raleigh and the state’s largest city, Charlotte, respectively, will reveal how much Trump will need to squeeze out of the less-populated rural areas he has dominated.

    In Pennsylvania, Harris needs heavy turnout in deep blue Philadelphia, but she’s also looking to boost the Democrats’ advantage in the arc of suburban counties to the north and west of the city. She has campaigned aggressively in Bucks, Chester, Delaware and Montgomery counties, where Biden improved on Clinton’s 2016 winning margins. The Philadelphia metro area, including the four collar counties, accounts for 43 percent of Pennsylvania’s vote.

    Elsewhere in the Blue Wall, Trump needs to blunt Democratic growth in Michigan’s key suburban counties outside of Detroit, especially Oakland County. He faces the same challenge in Wisconsin’s Waukesha County outside of Milwaukee.

    Where are the candidates?

    Trump will likely spend the very early hours of Election Day in Michigan, where he is scheduled to hold a final late-night rally in Grand Rapids as has become his tradition.

    The Republican candidate plans to spend the rest of the day in Florida, where he is expected to vote in person — despite previously saying he would vote early. He’s scheduled to hold a campaign watch party in Palm Beach Tuesday night.

    Harris plans to attend an Election Night party at Howard University in Washington, a historically Black university where she graduated with a degree in economics and political science in 1986 and was an active member of Alpha Kappa Alpha sorority.

    Aside from Howard, she has no public schedule announced for Election Day.

    Harris said Sunday that she had “just filled out” her mail-in ballot and it was “on its way to California.”

    Who’s left to show up on Election Day?

    On the eve of Election Day, it’s unclear which voters will show up to cast ballots on Tuesday.

    More than 77 million people participated in early voting — either in person or through the mail. So many people already cast ballots that some officials say the polls in states like Georgia might be a “ghost town” on Election Day.

    One major reason for the surge is that that Trump has generally encouraged his supporters to vote early this time, a reversal from 2020 when he called on Republicans to vote only in-person on Election Day. The early vote numbers confirm that millions of Republicans have heeded Trump’s call in recent weeks.

    The key question, however, is whether the surge of Republicans who voted early this time will ultimately cannibalize the number of Republicans who show up on Tuesday.

    There are also shifts on the Democratic side. Four years ago, as the pandemic lingered, Democrats overwhelmingly cast their ballots early. But this time around, without the public health risk, it’s likely that more Democrats will show up in person on Election Day.

    That balance on both sides is critical as we try to understand the early returns. And it’s on the campaigns to know which voters they still need to turn out on Tuesday. On that front, Democrats may have an advantage.

    Trump’s campaign and the Republican National Committee have outsourced much of their get-out-the-vote operation operation to outside groups, including one funded largely by billionaire Trump ally Elon Musk that’s facing new questions about its practices. Harris’ campaign, by contrast, is running a more traditional operation that features more than 2,500 paid staffers and 357 offices in battleground states alone.

    Could there be unrest?

    Trump has been aggressively promoting baseless claims in recent days questioning the integrity of the election. He falsely insists that he can lose only if Democrats cheat, even as polls show that show the race is a true toss-up.

    Trump could again claim victory on election night regardless of the results, just as he did in 2020.

    Such rhetoric can have serious consequences as the nation saw when Trump loyalists stormed the Capitol on Jan. 6, 2021 in one of the darkest days in modern American history. And unfortunately, there is still a potential of further violence this election season.

    The Republican National Committee will have thousands of “election integrity” poll monitors in place on Tuesday searching for any signs of fraud, which critics fear could lead to harassment of voters or election workers. In some key voting places, officials have requested the presence of sheriff deputies in addition to bulletproof glass and panic buttons that connect poll managers to a local 911 dispatcher.

    At the same time, Trump allies note that he has faced two assassination attempts in recent months that raise the possibility of further threats against him. And police in Washington and other cities are preparing for the possibility of serious Election Day unrest.

    As always, it’s worth noting that a broad coalition of top government and industry officials, many of them Republicans, found that the 2020 election was the “most secure” in American history.”

    ___
    AP writers Tom Beaumont and Will Weissert in Washington and Jill Colvin in Grand Rapids, Michigan contributed.

  • Tim Walz and JD Vance’s 2024 VP debate is tonight. Here’s what to know.

    Tim Walz and JD Vance’s 2024 VP debate is tonight. Here’s what to know.

    Washington — Sen. JD Vance of Ohio and Minnesota Gov. Tim Walz — both relative newcomers to the national political spotlight — were facing off Tuesday in the only scheduled vice presidential debate before the November election.

    The debate was being held three weeks after former President Donald Trump and Vice President Kamala Harris had their only scheduled debate

    Walz, who is Harris’ running mate, has had a long career in politics but was largely unknown to voters outside of Minnesota before he joined the Democratic ticket. 

    Vance, the author of “Hillbilly Elegy,” was first elected to office in 2022, less than two years before being selected by Trump to be his running mate. 

    Here’s what to know about the debate. 

    What time will the VP debate start and end? 

    The debate started at 9 p.m. ET on Tuesday. It will run 90 minutes — the same length as the two presidential debates — and end at 10:30 p.m. ET. 

    Who is moderating the VP debate? 

    “CBS Evening News” anchor and managing editor Norah O’Donnell and “Face the Nation” moderator and chief foreign affairs correspondent Margaret Brennan will moderate the debate

    Where is the VP debate? 

    The debate is taking place at the CBS Broadcast Center in the Hell’s Kitchen neighborhood of New York City in Midtown Manhattan. 

    The debate is in Studio 45 at the Broadcast Center. After the debate, campaign surrogates and the press will go to the spin room in Studio 42, another studio in the 800,000-square-foot Broadcast Center. Members of the media will be watching the debate and filing their stories from a press pen set up in the cafeteria. 

    Until this summer, Studio 45 was where “Inside Edition” was filmed. “Captain Kangaroo” was also taped in Studio 45 from 1964-1981. 

    CBS News moved into the facility in 1964, and Walter Cronkite broadcast the 1964 election results from Studio 41, which is now home to the “Drew Barrymore Show.” Before relocating to the CBS Broadcast Center, CBS was located in the Grand Central Terminal building. 

    The giant studios and sound stages have been home to several soap operas, including “As the World Turns” in Studio 41 and “Guiding Light” in Studio 42. “Last Week Tonight with John Oliver” currently films at Studio 42. 

    In the early 1980s, CBS added 176,400 square feet to the 500,000-square-foot building as part of a $100 million update. 

    The CBS Broadcast Center home to CBS News 24/7, , CBS New York (WCBS-TV) and several other corporate and third-party productions. It’s also the distribution center for the CBS Television Network.

    What are the rules for the debate? 

    Both campaigns agreed to a 90-minute debate with two four-minute commercial breaks. Campaign staff are not allowed to interact with the candidates during the breaks. 

    There will be no audience — a measure also implemented during the two previous presidential debates. 

    At the event’s start, the moderators will introduce the candidates in order of the incumbent party, with Walz coming first. There will be no opening statements. 

    Walz will stand behind the lectern on the left side of the stage, which will be on the right side of viewers’ screens. Vance will be at the podium on the right side of the stage, but the left side of screens. 

    Candidates, who cannot bring pre-written notes or props on stage, will have two minutes to answer a question and two minutes to respond. They will be allowed one minute for rebuttals. At the moderators’ discretion, candidates may get an additional minute to continue a discussion. 

    Unlike the presidential debates, a candidate’s microphone will not be muted when their opponent is speaking, but CBS News reserves the right to turn off the microphones. 

    Vance won a virtual coin toss on Thursday, opting to go second with his closing statement. Each candidate will have two minutes for their closing remarks.  

    No topics or questions will be shared with the campaigns in advance. 

    How can you watch the VP debate on cable? 

    CBS debate coverage started at 8 p.m. ET on CBS broadcast stations and affiliates. Find your local station here.

    How can you stream the VP debate without cable? 

    The debate can be streamed on the free CBS News app on your connected TV or smartphone, on Paramount+, and all platforms where CBS News 24/7 is available, including CBSNews.com and YouTube

    Debate coverage on CBS News 24/7 began at 4 p.m. ET.