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 ReidVirginia was a wave election, but without real change, the tide will turn again Top Lobbyists 2017: Grass roots Boehner confronted Reid after criticism from Senate floor 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) ManchinDemocrats scramble to contain Franken fallout  Overnight Finance: House passes sweeping tax bill in huge victory for GOP | Senate confirms banking regulator | Mulvaney eyed for interim head of consumer agency Overnight Regulation: Senators unveil bipartisan gun background check bill | FCC rolls back media regs | Family leave credit added to tax bill | Senate confirms banking watchdog MORE (W.Va.), Claire McCaskillClaire Conner McCaskillOn Capitol Hill, few name names on sexual harassment Democrats scramble to contain Franken fallout  Gillibrand to donate money from Franken's PAC MORE (Mo.), Ben Nelson (Neb.) and Bill NelsonClarence (Bill) William NelsonReport: FCC chair to push for complete repeal of net neutrality Collins: Pass bipartisan ObamaCare bills before mandate repeal Democrats scramble to contain Franken fallout  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 WarnerTech beefs up lobbying amid Russia scrutiny Overnight Tech: Senate Dems want FCC chief recused from Sinclair merger | Tech rallies on Capitol Hill for DACA | Facebook beefs up lobbying ranks Facebook adds two lobbyists amid Russia probe MORE: Senate could stall a Geithner replacement.

— Markets drop for an eighth straight day. 


— It’s September for the trade deals.

John McCainJohn Sidney McCainTrump's dangerous Guantánamo fixation will fuel fire for terrorists Tech beefs up lobbying amid Russia scrutiny Ad encourages GOP senator to vote 'no' on tax bill 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 LevinA lesson on abuse of power by Obama and his Senate allies President Trump, listen to candidate Trump and keep Volcker Rule Republicans can learn from John McCain’s heroism MORE, Chuck GrassleyCharles (Chuck) Ernest GrassleyFBI informant gathered years of evidence on Russian push for US nuclear fuel deals, including Uranium One, memos show Klobuchar taking over Franken's sexual assault bill Lawyer: Kushner is 'the hero' in campaign emails regarding Russia MORE take a gander at shell corporations.

— Ohio sheriffs like Richard Cordray.

— And consumer spending drops.

Feedback, tips to bbecker@thehill.com