State Farm announced this week it will no longer accept homeowner insurance applications in California, where it has long been a leading insurance provider. In a press release, America’s largest property insurance company cited various reasons for its decision, including the high costs of doing business in California, macroeconomic factors such as inflation, and increased catastrophe exposure. A bill to raise the debt limit and cap government spending passed in the House by a wide margin late Wednesday, sending the bill to the Senate just days before Monday’s U.S. default deadline. The Fiscal Responsibility Act passed 314-117, with support from both Democrats and Republicans. 

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