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 Mason ReidMcConnell not yet ready to change rules for Trump nominees The Hill's Morning Report — Sponsored by CVS Health — Trump’s love-hate relationship with the Senate Trump to press GOP on changing Senate rules 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 Emery UdallSenate GOP rejects Trump’s call to go big on gun legislation Democratic primary could upend bid for Colorado seat Picking 2018 candidates pits McConnell vs. GOP groups 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 BaucusClients’ Cohen ties become PR liability Green Party puts Dem seat at risk in Montana Business groups worried about Trump's China tariffs plan MORE (Mont.), Joe ManchinJoseph (Joe) ManchinOvernight Finance: House sends Dodd-Frank rollbacks to Trump | What's in the bill | Trump says there is 'no deal' to help ZTE | Panel approves bill to toughen foreign investment reviews House votes to ease regulation of banks, sending bill to Trump Senators demand answers on Trump’s ZTE deal MORE (W.Va.), Claire McCaskillClaire Conner McCaskillThe Hill's Morning Report — Sponsored by PhRMA — Republicans see some daylight in midterm polling Trump urges anti-abortion advocates to rally in November Calif. gov candidates battle for second place MORE (Mo.), Ben Nelson (Neb.) and Bill NelsonClarence (Bill) William NelsonPoll: 8 in 10 people in key states concerned about driverless cars Ted Cruz and Bill Nelson give NASA a reality check on privatizing International Space Station Overnight Defense: Senate confirms Haspel as CIA chief | Trump offers Kim 'protections' if he gives up nukes | Dem amendments target Trump military parade 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 WarnerConservatives leery of FBI deal on informant Overnight Finance: House sends Dodd-Frank rollbacks to Trump | What's in the bill | Trump says there is 'no deal' to help ZTE | Panel approves bill to toughen foreign investment reviews DHS secretary says she hasn’t seen assessment that Russia interfered to help Trump win MORE: Senate could stall a Geithner replacement.

— Markets drop for an eighth straight day. 


— It’s September for the trade deals.

John McCainJohn Sidney McCainFor .2 billion, taxpayers should get more than Congress’s trial balloons Overnight Defense: Pompeo lays out new Iran terms | Pentagon hints at more aggressive posture against Iran | House, Senate move on defense bill Senate GOP urges Trump administration to work closely with Congress on NAFTA MORE says “Super Congress” would have to look at revenues.

Spencer BachusSpencer Thomas BachusManufacturers ramp up pressure on Senate to fill Ex-Im Bank board Bipartisan group of House lawmakers urge action on Export-Import Bank nominees Overnight Finance: Trump, lawmakers take key step to immigration deal | Trump urges Congress to bring back earmarks | Tax law poised to create windfall for states | Trump to attend Davos | Dimon walks back bitcoin criticism MORE does take a look at the SEC.

Carl LevinCarl Milton LevinHow House Republicans scrambled the Russia probe Congress dangerously wields its oversight power in Russia probe The Hill's Morning Report — Sponsored by CVS Health — Trump’s love-hate relationship with the Senate MORE, Chuck GrassleyCharles (Chuck) Ernest GrassleyFormer US attorneys urge support for Trump nominee Dem leaders request bipartisan meeting on Russia probe Overnight Health Care — Sponsored by PCMA — House passes 'right to try' drug bill | Trump moves to restrict abortion referrals MORE take a gander at shell corporations.

— Ohio sheriffs like Richard Cordray.

— And consumer spending drops.

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