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“This is nothing more or less than a recognition of reality. It is also the right thing to do.” On Wednesday, President Trump formally announced his decision to recognize Jerusalem as the capital of Israel and begin the process of moving the U.S. embassy to the city from Tel Aviv. The backlash was swift. Leaders from around the globe warn the move could spark violent protests and unsettle a volatile region at a time when peace is paramount.—Katie Robertson

Jerusalem decision divides Trump team. It also complicates an effort to restart peace talks between Israelis and Palestinians that have been directed by his son-in-law Jared Kushner. The urgency for Trump's announcement on Wednesday was driven partly by Vice President Mike Pence's planned travel to the Mideast later this month. Pence was a strong advocate within the administration for the policy shift.

Millions are hounded for debt they don't owe. Andrew Therrien fought back after he was hassled by a debt collector—and uncovered a conspiracy. Systematic schemes to collect on fake debts started only about five years ago. Someone scoops up troves of personal information that are available cheaply online and reformats it to look like a list of debts. They make deals with unscrupulous collectors who will demand repayment of the fictitious bills from their victims.

A wave of top Democrats calls on Al Franken to quit. Within minutes of each other, several female senators posted statements on social media urging their fellow Democrat to resign following allegations that he groped or sexually harassed women. Franken's office said he'll make an announcement on Thursday.

The GOP tax plan would make America's housing shortage even worse, especially in high-tax, Democratic-leaning states like California and New York. A raft of proposed changes would lower home values throughout the nation while an altered capital-gains tax on sales would give homeowners incentive to stay put longer. This would keep houses off the market at a time when inventories are already historically low.

Wildfires continue to rage in California. A series of fires stretching from Ventura, about 65 miles north of Los Angeles, to some of the city's far-flung suburbs prompted road closures and evacuations on Wednesday. The blaze has charred 50,000 acres of land, burned hundreds of homes and damaged citrus crops.

You only have to be rich, not healthy, to fly in space. The commercial space race will introduce scores of new “astronauts” each year: mostly middle-aged and older people with plenty of cash to burn as well as run-of-the-mill health issues that come with age. Research shows that space travel will probably be physically manageable for the average, untrained human.

A gift guide for the .0001%. There's always that one person who seems impossible to please. Bloomberg Pursuits tossed the budget in search of the most rarefied experiences and exotic goods. Consider these 10 items your best chance for impressing anyone in any gift exchange.

To contact the editor responsible for this story: Katie Robertson at krobertson21@bloomberg.net.

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With assistance from Editorial Board