OVERNIGHT MONEY: Focus on immigration

Sen. David Vitter (R-La.) said that the “border surge” amendment was simply a “fig leaf” to attract GOP votes, rather than a “fix” to the underlying immigration reform bill.

“This amendment is clearly filled with nice shiny objects to try to attract Republican votes,” he said. “I believe this amendment is designed to pass the bill, not to truly fix the bill.”

Sen. Chuck Grassley (R-Iowa) lamented the lack of an open amendment process, calling a promise for one “hogwash.”

{mosads}Grassley was one of 14 GOP senators who wrote to Senate Majority Leader Harry Reid (D-Nev.) and the Gang of Eight on Monday protesting the “deeply disturbing” fast-tracking of the 1,000-plus page bill.

“After repeated promises of a full and open amendment process on the floor, we have had nine roll call votes on amendments to the Gang of Eight’s 1,076-page immigration bill. Nine. And there is the prospect of a full shut-down of amendment votes after today,” the group wrote in a letter to Reid Monday.

Some Democrats have voiced similar concerns. 

Still, there are predictions that the bill could garner up to 70 votes in the Senate and head to the House tagged with an uncertain future. 

Senators voted Monday to advance the border security amendment, providing a bit more optimistic view for a final vote later this week.

The vote stood at 66-25 at 6:30 p.m. and was being held open to allow more senators to return to Washington to vote. 

Fourteen of the “yes” votes were Republicans — a good sign for those aiming for the 70-vote threshold. 

WHAT ELSE WE’RE WATCHING 

More spending bills on tap: A couple of Senate Appropriations subcommittees on Tuesday will consider spending bills for energy and water programs, and transportation and housing and urban development.

A third subcommittee will examine the president’s requested budget increases for financial regulators. The heads of the Securities and Exchange Commission and the Commodity Futures Trading Commission will testify.

Student loans: With federal interest rates set to rise July 1 on student loans, the Senate Banking Committee on Tuesday will chat with federal officials on the role of private student loans and how they should be regulated.

BREAKING NEWS

Under review: Danny Werfel, the acting IRS chief, said Monday that the agency was still giving improper scrutiny to groups seeking tax-exempt status when he arrived in May, suggesting that the probe into the Internal Revenue Service’s treatment of conservative groups could widen.

The IRS division overseeing tax-exempt applications used other “be on the lookout” lists as they tried to flag cases that needed more attention.

The so-called BOLO list has proven to be a key detail in the current investigation over the IRS’s singling out of conservative groups, with agency officials searching for groups with the name “Tea Party,” “patriots” and “9/12” included.

Top congressional Democrats said that, based on information provided by the IRS, the agency also singled out liberal groups.

Werfel will testify about his report to the House Ways and Means Committee on Thursday. 

LOOSE CHANGE

Rap it up: The rapper Fat Joe was sentenced to four months in prison on Monday for failing to pay his taxes on more than $1 million of income he earned between 2007 and 2010, The New York Times reported.

ECONOMIC INDICATORS 

Durable orders: The Department of Commerce releases its May report measuring the dollar volume of orders, shipments and unfilled orders of durable goods, which are goods intended to last three or more years. Orders are considered a leading indicator of manufacturing activity, and the market often moves on this report despite the volatility and large revisions that make it a less than perfect indicator.

Case-Shiller 20-City Index: Home prices have been rising this year, especially as housing inventory has remained low. The Case-Shiller report for April should provide some insight into what is happening the nation’s 20 largest metropolitan areas. 

FHFA Housing Price Index: The Federal Housing Finance Agency will release its measure of prices for April on single-family homes. 

Consumer Confidence: The Conference Board’s monthly report could show that confidence improved in June. The report can be helpful in predicting shifts in consumer spending. 

New Home Sales: The Commerce Department releases its May report on new single-family houses sold and for sale. New home sales usually have a lagged reaction to changing mortgage rates, which are at historic lows. They also tend to be stronger early in the business cycle when pent-up demand is strong, and they fade later in the cycle as the demand for housing is sated. 

WHAT YOU MIGHT HAVE MISSED

— CBO: Senate immigration amendment worse for deficit

— Coons scores spot on panel overseeing SEC, IRS budgets

— Reid warns House that Senate won’t take up a short-term farm bill extension

— Warren questions housing bank’s line of credit for student loan lender

— Consumer Bureau head under fresh spotlight thanks to high court move

Catch us on Twitter: @VickoftheHill, @peteschroeder, @elwasson and @berniebecker3

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