Republicans and Democrats are testing a risky strategy that voters will blame the other for failing to deliver a second bailout bill to soften the blow of the recession for millions of Americans and several teetering states. Among the unlikely events that could break the deadlock: President Donald Trump retreating amid alarm about his poll numbers, a sudden reversal of economic indicators that have recently ticked upward, or a revolt against Congressional leaders by vulnerable moderates. Any sustained U.S. recovery will likely depend on a deal. —David E. Rovella

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Here are today’s top stories

U.S. stocks rose amid a flurry of deal activity. The dollar weakened and Treasuries were little changed. And when it comes to consumer spending, the pandemic may have finally pushed U.S. shoppers into the world of livestream ecommerce.

UBS and Credit Suisse Group are reportedly exploring a potential merger to create one of Europe’s largest banks. JPMorgan is saying its workers have been slacking off while working from home.

Doctors are worried about missing patients—the ones with diabetes and high blood pressure who have been squeezed out as coronavirus victims dominate hospitals all over the world. In South Africa, as many as 42,396 people died in the past five months either from Covid-19, or from other causes because they were unable to seek treatment. Here is the latest on the pandemic.

Former Vice President Joe Biden’s tax proposals would have the top 0.1% of earners, those currently making about $3.3 million or more, paying a 43% rate on their income. Right now, that group pays 30.6%. The Trump campaign has run ads saying Biden’s increases would crush middle-class families, but data show there would be little effect for most who earn less than $400,000. Trump has said he wants to cut taxes, but has only described his plans with bullet points.

Louis DeJoy boosted his giving to Republican political campaigns as the job of U.S. Postmaster General became available, giving Trump’s campaign and the Republican National Committee more than $600,000 after the opening was announced. DeJoy, who now holds the position, is the subject of multiple investigations and lawsuits over his cuts to Postal Service capacity and whether he is engaging in voter suppression.

In Zimbabwe, pregnant women are left alone in hospitals to give birth, taps have run dry in major urban centers, infrastructure has all but collapsed and more than half the population needs food aid. Protest action over intolerable living conditions has been brutally crushed by the military. After two decades of rot, the nation is coming apart at the seams.

What’s Joe Weisenthal thinking about? The Bloomberg news director says Monday began what could be an interesting moment for markets and the economy. The last few weeks have seen a notable selloff in high-flying tech stocks, with some big names and major indices below their 50-day moving average for the first time in a long time. This week marks the start of what the new normal might look like. It’s the first full week after Labor Day, so a lot of the high frequency data points that people like to watch (TSA air travel data, OpenTable reservations, daily credit card spending, hotel reservations) should offer clean looks at where the economy really is.

What you’ll need to know tomorrow

Trump aide accused of CDC data meddling breaks the internet.
Warning from Citigroup’s finance chief sends shares tumbling.
Elon Musk: Bill Gates doesn’t have a “clue” about electric trucks.
What to watch for at Apple’s first big product launch event of 2020.
Lumber’s huge rally is adding a $16,000 premium on new homes.
Manhattan’s newest super-tall skyscraper opens to a dead Midtown.
Bloomberg Graphics: Where the fires are burning in the U.S. West.

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What you’ll want to read tonight

The Hurricanes Are Coming Fast and Furious

Hurricane Sally will begin hammering the U.S. Gulf Coast with flooding rains late Monday, potentially making landfall the next day between New Orleans and Mobile, Alabama, and causing as much as $3 billion in damage. Sally rapidly strengthened to a Category 1 hurricane, and may reach 105 mph, which would make it a Category 2. There are several other storms brewing as well.

Source: NOAA

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