OVERNIGHT MONEY: Immigration bill gains traction

Just as it seemed the measure was headed toward a certain demise, the Corker-Hoeven amendment breathed new life into the comprehensive legislation that is a top priority for the Obama administration and that even business groups argue will help them fill persistent job openings. 

Supporters want at least 70 votes in hopes that it can hit the House on a high note. 

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The amendment would double the number of patrol agents from 20,000 to 40,000 and authorize the construction of 700 miles of fencing along the Southern border, twice as much as authorized in the base bill at a cost of $30 billion. 

Members of the Gang of Eight who crafted the base measure expressed confidence it would help achieve 100 percent border surveillance and a 90 percent apprehension rate of illegal entrants along the Southern border.

Senate Majority Leader Harry Reid (D-Nev.) has said he wants to get a bill passed before Congress leaves for the July 4 recess, so expect plenty more work on the bill heading into next week. There are still dozens of amendments in line for votes. 

“Certainly, securing the border should not be an issue if this amendment passes,” Corker said. “If this amendment can pass, I think it will add tremendous momentum to the bill.”


WHAT ELSE WE'RE WATCHING

Housing recovery: Housing and Urban Development Secretary Shaun Donovan will deliver keynote remarks and answer questions on Friday at a housing summit hosted by the National Housing Conference. Donovan will talk about the fate of the housing market and its path forward. The sector is on a steady climb back from record foreclosures and massive price drops. Although the market still faces its share of challenges, sales are popping back and prices are up. Some of the biggest hurdles are credit availability for borrowers and a lack of inventory. Several other housing experts will be on hand to discuss the ever-challenging market conditions. 


FARM BILL ROUNDUP

Oh, double SNAP: The House on Thursday rejected a $940 billion five-year farm bill, much to the chagrin of Republican leadership. 

Several provisions in the bill turned off Democratic support — mostly a $20 billion cut in food stamp programs and another that would add work requirements. 

Democrats were joined in their opposition by 62 Republicans who argued that it was too expensive a bill to pass when the country has $17 trillion in debt.

Related posts:

— Pelosi slams GOP 'amateur hour' on handling farm bill

— Boehner sends rare letter to House ahead of climactic farm vote

— House votes to let states add work requirements to food stamp benefits

— Boehner wins dairy fight in farm bill

— House kills proposals to restrict farm subsidies, ban Christmas tree 'tax'

— House approves hemp cultivation in colleges, universities


WHAT YOU MIGHT HAVE MISSED

Fed anxiety spurs worst day for Dow in 2013

— Coons lands coveted slot on Appropriations panel

— Ford CEO Mulally calls Japan currency manipulator

— Warren: Don't delay on cross-border derivatives rules

— Senate Dems escalate spending fight

— Issa reaches out to Democrats on postal reform

— Home sales eclipse 5 million mark for first time since 2009

— Senators seek greater role for regulators in Chinese takeover of Smithfield Foods

Unemployment benefits claims rise by 18,000


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