OVERNIGHT MONEY: 22 days and counting…

WHAT ELSE TO WATCH FOR:

Appropriatin’: The House Appropriations Committee will mark up its most controversial 2012 spending bill to date on Tuesday, tackling the Environmental Protection Agency and the Interior Department. The measure contains dozens of riders, including one that prevents new species from being put on the endangered species list and another that prevents EPA from regulating greenhouses gases under the Clean Air act.

With all that in mind, Democrats have derided it as a “dump truck” of giveaways to polluters.

The full House, meanwhile, will proceed with consideration of the slightly less controversial energy bill for next year. Democrats believe that legislation should include more funding for infrastructure and clean energy research and development. The appropriations process is continuing in the House even though the overall spending levels for the year are being debated in the White House talks.

{mosads}Healthwatch plug: Our Hill colleagues will bring you coverage of Kathleen Sebelius’s testimony before House Budget tomorrow, with the Health and Human Services secretary set to examine the Independent Payment Advisory Board and proposals by the administration to strengthen it to bring down healthcare costs. The hearing is part of the House GOP’s rebuttal to attacks on the House budget, which turned Medicare into a system where seniors would receive help buying private health insurance.

Guarding dollars: The Senate Banking Committee will look to get investors’ backs on Tuesday, with lawmakers tapping the brains of a handful of securities experts, both at the state and federal level, about how to ensure investors’ dollars are kept safe and secure.

GSE remodeling: A House Financial Services panel will continue its efforts to rework and ultimately wind down Fannie Mae and Freddie Mac on Tuesday, marking up seven bills that take varying bites out of the mortgage giants that have been on federal life support since the housing crisis. That will mark the second of three tranches of GSE bills the Capital Markets and Government Sponsored Enterprises (GSE) subcommittee looks set to advance, before those measures ultimately get considered at the full committee level. 

In the long run, Republicans are interested in winding down Fannie and Freddie to put the private market into the driver’s seat of the housing market. 

Manufacturing manufacturing?: The bicameral Joint Economic Committee is slated to hear from a couple of their own tomorrow, as Sen. Jim DeMint (R-S.C.) and Rep. Dan Lipinski (D-Ill.) are scheduled to testify on ways to improve the state of manufacturing jobs across the U.S. A number of experts and members of the business community are also expected to hash out the matter.

Wall Street outlook: The Securities Industry and Financial Markets Association, and its economists, will gather Tuesday to offer their take on the direction of everything from monetary policy to employment over the next 12 months. The OTM gang will be keeping a close eye on the Wall Street group’s twice-annual roundtable to see if the dismal job report will make SIFMA follow the Fed’s lead and downgrade expectations for the coming months.

Tax havens: Sen. Carl Levin (D-Mich.) — who has helped lead the charge in the last couple of Congresses for legislation that looked to combat offshore tax havens — is set to unveil his latest bill on the matter at a Tuesday morning briefing. Levin’s office declined to say on Monday how closely the newest version of the measure mirrored past initiatives.

On a related note, Sen. Kent Conrad (D-N.D.), the Senate Budget Committee chairman, said that targeting tax havens was part of his 2012 budget framework. 

Talkin’ trade: The stalled trade agreements with South Korea, Panama and Colombia might be the president’s top trade priority — he brought them up at his news conference on Monday — but he’s also getting some work in on getting Russia into the World Trade Organization. 

{mosads}Obama called Dmitry Medvedev, his Russian counterpart, on Monday to review the issue, which has been a huge priority for Russia.

Economic indicators:

— The Commerce Department will release the latest figures on the U.S. trade deficit. 

— The Labor Department drops details on job layoffs for May. 

— The Federal Open Market Committee issues the minutes from its June 21-22 meeting. 

BREAKING MONDAY:

Line in the sand?: Further proof some congressional Democrats are trying to stand strong on entitlements: Sen. Sheldon Whitehouse (D-R.I.) and five other Senate liberals are pushing a nonbinding measure declaring that Social Security and Medicare benefits should not be cut in any deficit deal.

It’s getting closer: For months now, polling has found that Americans were generally against raising the debt ceiling, even as Wall Street, the Obama administration and others painted a grim picture of what that might cause. 

But momentum seems to be on the side of those calling for a hike: The latest poll from the Washington Post and the Pew Research Center found 42 percent of adults say their greatest concern was that a failure to increase the limit would lead to default, seven percentage points higher than in May. 

The number of people who were more worried that hiking the ceiling would merely lead to more government spending stayed essentially the same, at 47 percent.

Perhaps not a shocker: Jeff Immelt, the General Electric chairman, could get on board with a proposed holiday that would allow multinationals like his to bring offshore profits to the U.S. at a reduced tax rate. Immelt, speaking at a jobs event sponsored by the U.S. Chamber of Commerce, also sounded intrigued by the idea of using the revenues from a holiday for an infrastructure bank.

Speaking of the Chamber event, our Peter Schroeder breaks down where Immelt and Tom Donohue, the Chamber chief executive, stand on issues like the debt ceiling and housing.

Fire up the Kindle: Sheila Bair, the recently departed chairwoman of the Federal Deposit Insurance Corporation, is putting her writer’s hat on, The New York Times reports. A Republican and George W. Bush appointee, Bair’s book is titled Bull by the Horns: What Main Street Must Do To Fix Wall Street and is expected to hit the shelves (or electronic reading devices) sometime next year. 

WHAT YOU MIGHT HAVE MISSED:

On the Money’s Monday:

— Barney Frank defends his namesake Wall Street reform law. 

— Club for Growth takes aim at Orrin Hatch, Dick Lugar on debt ceiling.

— Hatch wants a mock conference on the still-languishing trade deals. 

— House Dem goes after tax loopholes.

— And private-sector report on employment inches up. 

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