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On The Money: McConnell says it's time to restart coronavirus talks | New report finds majority of Americans support merger moratorium | Corporate bankruptcies on pace for 10-year high

On The Money: McConnell says it's time to restart coronavirus talks | New report finds majority of Americans support merger moratorium | Corporate bankruptcies on pace for 10-year high
© Greg Nash

Happy Tuesday and welcome back to On The Money, where we’re giving a shout out to anyone making masks at home. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

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EVENT

On Thursday, August 13, The Hill Virtually Live hosts a virtual event, Breaking Through: U.S. Businesses Powered By Global Exports. Global trade is messier today than years ago — a pandemic is creating unforeseen challenges, sanctions are back, and the WTO is wobbly. But global trade is still thriving in many sectors. While nations may be squabbling, businesses are finding ways to deliver their products to consumers. Rep. Rick LarsenRichard (Rick) Ray LarsenLIVE COVERAGE: House votes to name Speaker COVID-19 is wild card as Pelosi faces tricky Speaker vote Sunday Wisconsin Rep. Gwen Moore tests positive for COVID-19 MORE, former Commerce Secretary Carlos Gutierrez and more join The Hill's Steve Clemons. RSVP here.

THE BIG DEAL—McConnell says it's time to restart coronavirus talks: Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellTanden withdraws nomination as Biden budget chief Boehner book jacket teases slams against Cruz, Trump Gun violence prevention groups optimistic background check legislation can pass this Congress MORE (R-Ky.) is calling for the Trump administration and congressional Democrats to restart negotiations on a fifth coronavirus deal after talks collapsed late last week. 

McConnell, during an interview with Fox News, said it was "time for everybody to get back to the table," though the GOP leader gave no indication that he would reach out to Democratic leaders himself.  

The Hill’s Jordain Carney breaks it down here.

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What went wrong last week: Negotiations among Speaker Nancy PelosiNancy PelosiBiden coronavirus relief bill tests narrow Democratic majority Some Republicans say proxy voting gives advantage to Democrats Gun violence prevention groups optimistic background check legislation can pass this Congress MORE (D-Calif.), Senate Minority Leader Charles SchumerChuck SchumerA Biden stumble on China? First Black secretary of Senate sworn in Republican Ohio Senate candidate calls on GOP rep to resign over impeachment vote MORE (D-N.Y.), Treasury Secretary Steven MnuchinSteven MnuchinBiden brings back bipartisan meetings at the White House On The Money: Schumer urges Democrats to stick together on .9T bill | Collins rules out GOP support for Biden relief plan | Powell fights inflation fears Mnuchin expected to launch investment fund seeking backing from Persian Gulf region: report MORE and White House chief of staff Mark MeadowsMark MeadowsHow scientists saved Trump's FDA from politics Liberals howl after Democrats cave on witnesses Kinzinger calls for people with info on Trump to come forward MORE collapsed on Friday after nearly two weeks of daily talks resulted in little progress. 

What has changed this week: Nothing, really. 

  • The congressional Democrats and the White House negotiators haven't spoken since Friday, and appear to be putting the onus on each other to restart talks. Pelosi told reporters on Tuesday that she had not heard from Mnuchin or Meadows.
  • Mnuchin and Meadows briefed Senate Republicans on Tuesday morning for nearly an hour. But they appeared to give GOP senators no reason to think there would be a quick resumption of the negotiations. 
  • Instead the two parties have spent the past two days trading blame over the impasse.  

Meanwhile, more than 30 million Americans are dealing with steep declines in unemployment benefits and around 20 million Americans could face homlessness or eviction. President TrumpDonald TrumpSouth Carolina Senate adds firing squad as alternative execution method Ex-Trump aide Pierson won't run for Dallas-area House seat House Oversight panel reissues subpoena for Trump's accounting firm MORE over the weekend issued a round of executive orders intended to help with this, but it’s not clear if they are legal or effective at doing what they purport to do.

Read more: What Trump's orders will and won't do for payroll taxes, unemployment benefits

LEADING THE DAY

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New report finds majority of Americans support merger moratorium: Nearly 60 percent of Americans would support a moratorium on mergers for the country's biggest companies during the coronavirus pandemic, according to a report released Tuesday.

  • The poll, conducted by Data for Progress and released in a report with the Justice Collaborative Institute, found that 57 percent of the likely voters surveyed would support a pandemic merger and acquisition ban for companies worth more than $100 million.
  • Only 19 percent of those surveyed opposed, while 24 percent said they were unsure.

The merger moratorium poll comes after a bill introduced by Sen. Elizabeth WarrenElizabeth WarrenOvernight Health Care: Biden says US will have enough vaccine for all adults by end of May | Biden calls on all states to vaccinate teachers by the end of March | Texas, Mississippi lift mask mandates Biden picks for financial agencies offer preview of regulatory agenda Becerra tells Warren he will do 'thorough review' of executive actions on drug prices MORE (D-Mass.) and Rep. Alexandria Ocasio-CortezAlexandria Ocasio-CortezThe Hill's Morning Report - Presented by Facebook - J&J vax rollout today; third woman accuses Cuomo 'Lucky': Inside Ocasio-Cortez's endorsement of Sanders Biden officials urge patience on immigration amid border surge MORE (D-N.Y.) earlier this year. The Hill’s Chris Mills Rodrigo tells us more about it here.

Corporate bankruptcies on pace for 10-year high: Corporate bankruptcies are on pace to reach a 10-year high in 2020 amid the coronavirus pandemic and its related economic downturn, S&P Global Market Intelligence reported Tuesday. 

As of Sunday, a total of 424 companies have filed for bankruptcy, more than any year since 2010. A decade ago, 546 companies had declared bankruptcy as of Aug. 9, followed by another 273 firms. 

Experts attribute the boost in bankruptcies to the hardships many companies are facing due to the pandemic and government shutdowns that stalled some business for months.

GOOD TO KNOW

  • Stocks reversed from early gains to close with losses Tuesday after the S&P 500 neared a new record high.
  • About 80 percent of CEOs say they expect a more widespread remote workforce as a result of the coronavirus pandemic, according to a global survey from accountancy firm PwC released Tuesday.
  • Walt Disney World is scaling back operating hours at its theme parks after the company recently reported a significant drop in park revenue amid the novel coronavirus pandemic.