As Covid-19 cases soar in states such as Arizona, Texas and Oregon, governors are again facing wrenching choices about how to balance economic recovery and the lives of citizens. While some have paused to reassess the wisdom of premature “reopenings,” many are plunging ahead despite frightening numbers like Florida’s 2.8% increase in reported cases Friday, its largest daily jump since May 1. Underlying this are the declarations of some politicians that boosting the U.S. economy out of recession is more important than saving American lives. Others, like New York Governor Andrew Cuomo, whose state was the global epicenter of the pandemic, has called that a false choice. America leads the world in Covid-19 infection and death. How much worse a second wave makes that toll has yet to be revealed. —David E. Rovella

Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily newsletter.

Here are today’s top stories

Cuomo signed into law a sweeping package of police accountability measures following nationwide demonstrations over the killing of George Floyd by four Minneapolis police employees, and subsequent police brutality against protestors in New York City, Buffalo, and elsewhere.

Reformers and academic experts have long said that police unions are one of the biggest obstacles to fixing departments where assaults on citizens are common, and accountability lacking. Now, these once untouchable organizations, and the union contracts that can enable violent crime by police, may be untouchable no more.

Singapore is on track to lift more coronavirus restrictions on companies and residents by the end of June, and expects almost the entire economy to reopen during that phase.

The U.S. Treasury is sitting on a near-record $1.5 trillion pile of cash, and what it does with it has become the biggest wild card for funding markets as the end of the quarter approaches.

President Donald Trump, facing falling poll numbers for his botched coronavirus response and unsympathetic reaction to anti-police brutality protests (including a federal assault on peaceful protestors in front of the White House), has managed to even alienate a few Republicans. Trump may be charting a course similar to 2016, using racially provocative symbolism and statements to energize a white, right-wing base.

Former Vice President Joe Biden is focusing on Trump’s actions as Covid-19 gathered steam, and not just because of the six-digit U.S. death toll. In addition to the loss of life, the Democrat’s deputies are making the case that the recession wouldn’t have been so catastrophic were it not for Trump’s “failed leadership.” Any White House claims to an improving economy, Biden is arguing, should be viewed through the prism of massive unemployment unseen since the Great Depression.

JPMorgan says Bitcoin’s survival of the coronavirus crash shows the cryptocurrency has staying power, having gained 75% since mid-March.

What you’ll need to know tomorrow

• John Bolton book: Re-election drives Trump foreign policy.
• Airlines are challenging the new U.K. quarantine rule.
• Weird, dangerous things happen flying an empty plane.
• Barstool Sports founder leads an army of day traders.
• Stocks rebound on dip buying after the Thursday face plant.
• Switched to fish after the meat aisle ran short? Guess what.
• This is what the first week back looked like in New York City.

What you’ll want to read in Bloomberg Pursuits

Hotels Bet on Staycations to Survive Covid-19

The global hotel industry is pinning its survival on the staycation. From Asia to Europe to America, people have been cooped up for months. Now, as lockdowns loosen, the shellshocked are emerging. Those with means desperately want to get away, but fear of the coronavirus remains very real. So how do you take a break during the summer of pandemic? You stay close to home. In other words, you go to a hotel. With business and air travel barely breathing, hotel companies are betting on the staycation as a short-term strategy for survival. 

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