Billionaire capitalist and Bridgewater Associates founder Ray Dalio. Photo: Michel Euler / AP

Capitalism is in need of reform as wealth inequality in the U.S. has become a national emergency, billionaire capitalist Ray Dalio told CBS' "60 Minutes" Sunday.

What he's saying: "The American dream is lost," Dalio told CBS' Bill Whitaker. "If I was the president of the United States, what I would do is recognise that this is a national emergency. ... right now – it's a huge issue it's unfair and, at the same time, it's unproductive, and at the same time it's — threatens to split us."

The big picture: His remarks build on comments he made in a LinkedIn post at the weekend warning the rich vs. everyone else divide is an existential threat.

Go deeper: A new form of American capitalism

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McConnell: Confirming Amy Coney Barrett will help GOP retain Senate

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Senate Majority Leader Mitch McConnell (R-Ky.) expressed no regrets about Judge Amy Coney Barrett's controversial confirmation, telling Politico in an interview that he believes the decision to place her on the Supreme Court just a week before the election will help Republicans retain the Senate.

Why it matters: With a week to go until Election Day, many Republicans are concerned that President Trump's unpopularity could cost them the Senate. McConnell has long viewed the transformation of the federal judiciary through the confirmation of young conservative judges as his defining legacy.

49 mins ago - Podcasts

The fight over fracking

Fracking has become a flashpoint in the election's final week, particularly in Pennsylvania where both President Trump and Joe Biden made stops on Monday. But much of the political rhetoric has ignored that the industry has gone from boom to bust, beset by layoffs, bankruptcies and fire-sale mergers.

Axios Re:Cap digs into the state of fracking, and what it means for the future of American energy, with Bob McNally, president of Rapidan Energy Group.

Democrats sound alarm on mail-in votes

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Democrats are calling a last-minute audible on mail-in voting after last night's Supreme Court ruling on Wisconsin.

Driving the news: Wisconsin Democrats and the Democratic secretary of state of Michigan are urging voters to return absentee ballots to election clerks’ offices or drop boxes. They are warning that the USPS may not be able to deliver ballots by the Election Day deadline.