On The Muni Lowdown, Paul Greaves and Stephanie Fagnani speak with Aayushi Mishra, PhD candidate and Lizzy Warner Fellow, about how climate pressures are reshaping the fiscal outlook for cities and states.This episode breaks down how the loop forms—starting with how climate impacts move through a city’s finances, from emergency response costs to disrupted revenues and rising insurance pressures. We examine why post‑disaster borrowing can deepen fiscal vulnerability, and how municipal bond markets are pricing, absorbing, or sometimes reinforcing climate‑driven risk.We also dig into the signals investors should look for to distinguish true resilience from repeated recovery spending. And we close with what it will take to break the climate debt doom loop—through smarter use of debt, better risk modeling, stronger federal alignment, and market incentives that reward long‑term adaptation.