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 LarsenDemocratic lawmaker calls for stronger focus on trade leverage to raise standards The Hill's Morning Report - Presented by Facebook - Biden, Harris launch Trump offensive in first joint appearance The Hill's 12:30 Report: Biden, Harris's first day as running mates 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 McConnellDemocratic senator to party: 'A little message discipline wouldn't kill us' House to vote on resolution affirming peaceful transition of power Republican lawyers brush off Trump's election comments 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 PelosiDemocratic senator to party: 'A little message discipline wouldn't kill us' Overnight Health Care: New wave of COVID-19 cases builds in US | Florida to lift all coronavirus restrictions on restaurants, bars | Trump stirs questions with 0 drug coupon plan Overnight Defense: Appeals court revives House lawsuit against military funding for border wall | Dems push for limits on transferring military gear to police | Lawmakers ask for IG probe into Pentagon's use of COVID-19 funds MORE (D-Calif.), Senate Minority Leader Charles SchumerChuck SchumerPelosi slams Trump executive order on pre-existing conditions: It 'isn't worth the paper it's signed on' 3 reasons why Biden is misreading the politics of court packing Cruz blocks amended resolution honoring Ginsburg over language about her dying wish MORE (D-N.Y.), Treasury Secretary Steven MnuchinSteven Terner MnuchinThe Hill's Morning Report - Sponsored by Facebook - Republicans lawmakers rebuke Trump on election On The Money: Anxious Democrats push for vote on COVID-19 aid | Pelosi, Mnuchin ready to restart talks | Weekly jobless claims increase | Senate treads close to shutdown deadline Vulnerable Democrats tell Pelosi COVID-19 compromise 'essential' MORE and White House chief of staff Mark MeadowsMark Randall MeadowsWhite House chief of staff knocks FBI director over testimony on election fraud Anxious Democrats amp up pressure for vote on COVID-19 aid Pelosi hopeful COVID-19 relief talks resume 'soon' 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 John TrumpFederal prosecutor speaks out, says Barr 'has brought shame' on Justice Dept. Former Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick 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

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 Defense: Appeals court revives House lawsuit against military funding for border wall | Dems push for limits on transferring military gear to police | Lawmakers ask for IG probe into Pentagon's use of COVID-19 funds On The Money: Half of states deplete funds for Trump's 0 unemployment expansion | EU appealing ruling in Apple tax case | House Democrats include more aid for airlines in coronavirus package Warren, Khanna request IG investigation into Pentagon's use of coronavirus funds MORE (D-Mass.) and Rep. Alexandria Ocasio-CortezAlexandria Ocasio-CortezOn The Money: Anxious Democrats push for vote on COVID-19 aid | Pelosi, Mnuchin ready to restart talks | Weekly jobless claims increase | Senate treads close to shutdown deadline McCarthy says there will be a peaceful transition if Biden wins Anxious Democrats amp up pressure for vote on COVID-19 aid 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.