Business

OVERNIGHT MONEY: Nominations battle hits fever pitch

by Vicki Needham - 07/15/13 10:17 PM ET

{mosads}Republicans have warned that the use of the “nuclear option” would poison relations in the chamber, and have vowed to stop passage of any legislation until the midterm elections next year.

Senate Minority Leader Mitch McConnell (R-Ky.) has said that the move would damage the integrity of the chamber, and is hopeful for a last-minute deal.

Republicans also were quick to point out that none of Obama’s Cabinet-level nominees have been defeated by the Senate.

But that’s not the end of all the fights on the nominations front.

The Senate Banking Committee will vote Tuesday on the nomination of Rep. Mel Watt (D-N.C.) to head the Federal Housing Finance Agency and Jason Furman to serve as chairman of Obama’s Council of Economic Advisers.

WHAT ELSE WE’RE WATCHING

More spending bills: Two Senate Appropriations subcommittees will take up spending measures for 2014 on Tuesday. One subcommittee will handle the $52.3 billion Commerce, Justice and State measure, while another subpanel takes up the Homeland Security measure that comes in at $39.1 billion.

ECONOMIC INDICATORS

Consumer Price Index (CPI): The Labor Department releases its June report on Tuesday measuring the prices of a fixed market basket of goods and services purchased by consumers. The CPI is the most widely cited inflation indicator, and is used to calculate cost-of-living adjustments for government programs.

Industrial Production-Capacity Utilization: The Federal Reserve will release its June report showing the physical output of the nation’s factories, mines and utilities. The monthly report also provides a measure of capacity utilization.

NAHB Housing Market Index: The National Association of Home Builders will release its July survey that gauges builder perceptions of current single-family home sales and sales expectations for the next six months.

WHAT YOU MIGHT HAVE MISSED

— GOP blocking farm bill conference, says Dem chairwoman

— Dems, GOP battle for leverage on farm bill

— Mortgage bankers push to get housing reform rolling

— House to start work on transportation, housing spending bill

— Manufacturers press for fast-track authority

— Three IRS staffers to testify about targeting

— Magnitsky ally presses US to finalize list of human rights violators

— Fed official suggests banking firewall isn’t needed

— Retail sales sag in June with lingering economic uncertainty

— JPMC exec travels to international banking group

— Banking trade group hires Grassley aide