OVERNIGHT MONEY: Outta here, the sequel

WHAT ELSE TO WATCH FOR:

Not crossed off the list: The Senate is leaving town for the next several weeks — next scheduled votes: Sept. 6 — with a spending impasse over the Federal Aviation Administration still lingering.

House GOP aides have said that the Senate should have just passed a measure from its chamber funding the agency, while Senate Democrats have tried in recent days to work out a clean FAA funding extension. 

Senate Majority Leader Harry ReidHarry ReidBill O'Reilly: Politics helped kill Kate Steinle, Zarate just pulled the trigger Tax reform is nightmare Déjà vu for Puerto Rico Ex-Obama and Reid staffers: McConnell would pretend to be busy to avoid meeting with Obama MORE (D-Nev.) had said Tuesday that he would accept the House measure, even though it cuts subsidies for flights at rural airports in his and other states. But other Democrats were not willing to make that jump, and the FAA now looks as if it will not be fully funded for the next month-plus.

Missed the memo?: Recess? What recess?

Hearings and other Capitol Hill events may be dropping off the calendar left and right, but the Senate Banking Committee is sticking with a pair of subcommittee hearings scheduled for Wednesday. In the morning, the Securities, Insurance and Investment subpanel will discuss the nations housing finance system, which Congress is expected to eventually overhaul. Experts from the world of investment and housing will be on hand to offer their two cents.

Come afternoon, the Financial Institutions and Consumer Protection subcommittee takes the stage for a hearing on debt financing in the domestic financial sector. A handful of academics and experts will be testifying on that issue.

Economic indicators:

With Congress gone, a busy Wednesday of economic indicators should provide some insight into the economys direction for the second half of the year.

— ADP Employer Services is set to announce private sector employment for July, two days ahead of the government employment report. ADP’s figures will provide a possible estimate on Fridays numbers, although the report has been more than a little off several times on the governments figures, which also include public employment.

— Challenger, Gray & Christmas is slated to release its July job-cuts survey. Through June, the group found the layoff pace for the year had hit its lowest level since 2000.

— The Mortgage Bankers Association will release its weekly report on loan applications.

— The Commerce Department is expected to release figures on factory orders, which consist of the earlier announced durable goods report plus non-durable goods orders.

— And finally, the Institute for Supply Management is scheduled to release its index of non-manufacturing businesses, which covers between an estimated 80 percent to 90 percent of the economy.

BREAKING TUESDAY:

The Dem BBA: Sen. Mark UdallMark UdallDemocratic primary could upend bid for Colorado seat Picking 2018 candidates pits McConnell vs. GOP groups Gorsuch's critics, running out of arguments, falsely scream 'sexist' MORE (D-Colo.) on Tuesday announced that, as part of the debt-ceiling agreement, his version of the Balanced Budget Agreement would get a vote in the last quarter of this year.

Udall’s amendment, not as strict as versions favored by congressional Republicans, would seek to protect Social Security funds and only allow income tax breaks for millionaires in case of a surplus. The measure has the support of five other Senate Democrats: Max BaucusMax Sieben BaucusBooker tries to find the right lane  Top Lobbyists 2017: Hired Guns GOP tries to keep spotlight on taxes amid Mueller charges MORE (Mont.), Joe ManchinJoseph (Joe) ManchinTrump rips Dems a day ahead of key White House meeting Senate panel moves forward with bill to roll back Dodd-Frank Wealthy outsiders threaten to shake up GOP Senate primaries MORE (W.Va.), Claire McCaskillClaire Conner McCaskillDemocrats turn on Al Franken Trump rips Dems a day ahead of key White House meeting The Hill's 12:30 Report MORE (Mo.), Ben Nelson (Neb.) and Bill NelsonClarence (Bill) William NelsonOvernight Health Care: Ryan's office warns he wasn't part of ObamaCare deal | House conservatives push for mandate repeal in final tax bill | Dem wants probe into CVS-Aetna merger Ryan's office warning he wasn't part of deal on ObamaCare: source Overnight Health Care: Funding bill could provide help for children's health program | Questions for CVS-Aetna deal | Collins doubles funding ask for ObamaCare bill MORE (Fla.).

The aftermath: Pimco’s Bill Gross told Bloomberg Television on Tuesday that the economy was at the tipping point for a double-dip recession, while also calling on policymakers to use fresh revenues as they look to reduce deficits.

That said, Gross also said President Obama didn’t exactly cover himself in glory in this most recent showdown.

Theater of the absurd?: The New York Times’s Dan Barry examines Monday’s debt-ceiling machinations on Capitol Hill from an outsider’s perspective.

Movin’ on up: Chrysler sales increased 20 percent in July, The Detroit News reports.

WHAT YOU MIGHT HAVE MISSED:


On the Money’s Tuesday:

— Moody’s to U.S.: You’re still AAA, but

— Fitch likes the deal.

— But Tim Geithner not sure it prevents eventual downgrade.

Mark WarnerMark Robert WarnerSenate panel moves forward with bill to roll back Dodd-Frank Comey back in the spotlight after Flynn makes a deal Warner: Every week another shoe drops in Russia investigation MORE: Senate could stall a Geithner replacement.

— Markets drop for an eighth straight day. 


— It’s September for the trade deals.

John McCainJohn Sidney McCainGOP strategist donates to Alabama Democrat Meghan McCain knocks Bannon: 'Who the hell are you' to criticize Romney? Dems demand Tillerson end State hiring freeze, consult with Congress MORE says “Super Congress” would have to look at revenues.

Spencer BachusSpencer Thomas BachusTrump bank nominee gets rough reception at confirmation hearing Overnight Finance: Breaking - GOP delays release of tax bill | Changes to 401(k)s, state and local taxes hold up bill | Trump aims to sign tax legislation by Christmas | Hensarling to retire after term | Trump to repeal arbitration rule Senators, don't put Ex-Im Bank's fossil fuel financing back in business MORE does take a look at the SEC.

Carl LevinCarl LevinCongress: The sleeping watchdog Congress must not give companies tax reasons to move jobs overseas A lesson on abuse of power by Obama and his Senate allies MORE, Chuck GrassleyCharles (Chuck) Ernest GrassleyGrassley blasts Democrats over unwillingness to probe Clinton GOP and Dems bitterly divided by immigration Thanks to the farm lobby, the US is stuck with a broken ethanol policy MORE take a gander at shell corporations.

— Ohio sheriffs like Richard Cordray.

— And consumer spending drops.

Feedback, tips to bbecker@thehill.com