OVERNIGHT MONEY: Outta here

WHAT ELSE TO WATCH FOR:

In the House: Nothing. After Monday’s vote, the chamber recessed until September. 

With all that in mind: The House’s adjournment appears to leave the Federal Aviation Administration without funding and somewhat in the lurch.

The House and the Senate are at odds over how to fund the agency. And, with the lower chamber now gone until next month, some 4,000 FAA employees look likely to be furloughed for weeks to come, The Hill’s Keith Laing reports.

House GOP aides say the Senate should just pass the House FAA funding extension. But the House bill cuts subsidies for flights at rural airports in Nevada and West Virginia – states represented by the Senate Majority Leader (Harry Reid) and the Commerce Committee chairman (Jay Rockefeller) – in what was seen as retaliation for the Senate’s failure to move on a longer House measure that affects unions. 

Reid had said the Senate would pass a stopgap funding measure for the FAA. But with the House now gone, 

Punting ‘til September: The House Appropriations Committee has postponed a markup of a State and Foreign Operations appropriations bill scheduled for Tuesday, and has also put off dealing with Labor, Transportation and Health bills until September. 

In general, these last of the 12 annual bills are the most controversial, and House and Senate appropriators must first hash out spending allocations in negotiations before proceeding. 

But for those worried about having to avert yet another budget crisis in just two months:  The debt ceiling deal sets the overall spending number for the year, reducing the chances that the federal government would shut down on Oct. 1. 

But, hey, the Senate’s still here: And on Tuesday, the Banking Committee will turn its sight on a topic that’s received plenty of attention this year — mortgage servicing. With big banks struggling to handle the flood of foreclosures and ailing mortgages, financial institutions have found their handling of mortgage documentation under fire. 

Democrats have been especially fired up about the issue, and on Tuesday, senators will dive into the issue in earnest. An independent banker and homeowner advocate will be on hand to offer their take.

Dollars and development: The Woodrow Wilson International Center for Scholars will be talking — surprise, surprise — debt tomorrow, as they gather experts to hash out what the new debt deal could mean the nation’s development policy. Specifically, Wilson scholars will be discussing how the budgets of USAID and the State Department might be affected.

Economic indicators:

— The Department of Commerce is set to release personal income measures.

Wages and salaries, figures that can be estimated using payrolls and earnings data from the employment report, are the biggest component of the release. Other categories include rental income, government subsidy payments, interest income and dividend income. 

BREAKING MONDAY:

Friendly skies: With FAA funding still in limbo, Delta announced Monday that it was refunding tax revenues linked to plane tickets, USA Today reports. 

The court docket: The Securities and Exchange Commission has sued the estate of an investor who is both accused of running Ponzi schemes and committed suicide in recent weeks, Bloomberg reports.

WHAT YOU MIGHT HAVE MISSED:

On the Money’s Monday: 

— AFSCME says the debt-ceiling compromise will slow the economic recovery. 

— Gary Locke’s on his way to China. 

— Poll finds debt-ceiling negotiations left a bad taste in a majority of mouths. 

— The markets zigzagged over the debt ceiling news. 

— And manufacturing growth slows.