Forget that second bailout

Evening Briefing

The U.S. government's debt will swell over the next 30 years to almost double the size of the economy, raising the risk of a fiscal crisis or a drop in the value of Treasuries, the Congressional Budget Office said Monday. The nonpartisan agency, in its long-term budget outlook, projected debt will reach 195% of gross domestic product in 2050. As for this year, investors should prepare for the likelihood Congress won't pass a second bailout, thanks to an increasingly bitter presidential campaign and the fight over replacing Supreme Court Justice Ruth Bader Ginsburg, who died on Friday at the age of 87. —David E. Rovella

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Here are today's top stories

Goldman Sachs is building the next generation of dealmakers and investment bankers in a series of promotions, naming new leaders for mergers and acquisitions and other key businesses.

Increased regulatory scrutiny of suspect transactions involving global banks over the past two decades has apparently done little to stem the flow of trillions of dollars of potentially dirty money, according to a new investigation by the International Consortium of Investigative Journalists. JPMorgan, Deutsche Bank and HSBC were among the financial giants who "kept profiting from powerful and dangerous players" even after the U.S. imposed penalties on these financial institutions, according to the report. Shares of the biggest global lenders fell Monday.

Justice Ginsburg will lie in repose at the U.S. Supreme Court on Wednesday and Thursday, with an outdoor viewing area for members of the public to pay respects. Back in 2016, Republicans led by Senator Mitch McConnell—in an unprecedented move—denied consideration of Democratic President Barack Obama's pick for the high court when Justice Antonin Scalia died, about 10 months before the election. At the time, McConnell said voters should decide on the president first. Now, with little more than six weeks before the 2020 election, Senate Republicans are pledging to consider President Donald Trump's nominee before Nov. 3. Democrats are calling them hypocrites and warning of retaliation.

Then-President Barack Obama with his U.S. Supreme Court nominee, Chief U.S. Circuit Judge Merrick Garland, in 2016.

Photographer: Chip Somodevilla/Getty Images North America

Trump faces a cash deficit in his race against Democratic presidential nominee Joe Biden, and big Republican donors are coming off the sidelines to help. Texas billionaire Kelcy Warren of Energy Transfer Partners donated $10 million and Diane Hendricks, a Wisconsin billionaire, gave $2 million. Here is the latest on the campaign.

Over the weekend, the Trump administration's attempt to bar U.S. downloads of Chinese-made app WeChat was blocked by a federal judge after a challenge on free speech grounds. A separate White House effort to ban video-sharing service TikTok was delayed after its Chinese owners agreed to sell a piece of the company to several U.S. firms (a deal that addressed few of the administration's national security concerns). Then on Monday, everything got more complicated. Elaine Ou writes in Bloomberg Opinion that if the bans are eventually reimposed, it will take more than a White House order to make them stick. And while the bans were ordered in the name of national security, she warns they could actually create security problems of their own.

A whistle-blower at Boeing is urging aviation regulators to add additional protections to the grounded 737 Max, warning that a proposal to mandate fixes to the defective jet doesn't address multiple hazards identified in the two Boeing Max disasters that killed 346 people.

Tesla is likely to provide highly anticipated news Tuesday when Elon Musk takes center stage at "Battery Day," an event the billionaire CEO has dropped hints about for months and which has driven the electric carmaker's sky-high valuation. But over at Nikola, the startup electric truck maker faces an uncertain future following the sudden departure of its founder and chairman, regulatory probes and a collapse of its stock price.

What you'll need to know tomorrow

What you'll want to read in Bloomberg Green

Future of Commercial Flight May Be Hydrogen

European planemaker Airbus unveiled three designs it's studying to build hydrogen-powered aircraft, as it races to bring a zero-carbon passenger plane into service by 2035. The approaches include a turbofan jet with capacity for as many as 200 passengers (similar to its A321neo) that can fly more than 2,000 nautical miles. It would be powered by a modified gas-turbine engine running on hydrogen.

Airbus SE's ZEROe "blended-wing body" concept design.

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