The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world. Click on the headlines for more.
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CNN: Senate vote set for Tuesday after House passes debt ceiling agreement
The U.S. Senate is scheduled to take up the debt-ceiling deal at noon Tuesday, as lawmakers stare down the deadline for the government to face possible default. The House on Monday passed the package on a 269-161 vote, overcoming opposition from liberal Democrats and tea party conservatives for ideologically different reasons.
CNNMoney: Debt ceiling: What they're voting on
The deal would keep the country out of default and reduce deficits by at least $2.1 trillion over a decade. Whether the deal might also avert a first-ever credit downgrade for the United States is not clear, since ratings agency Standard & Poor's indicated it was looking for a credible, bipartisan plan that had at least $4 trillion of debt reduction.
CNN: Giffords returns to House for debt vote
U.S. Rep. Gabrielle Giffords returned to the floor of the House of Representatives Monday evening for the first time since she was grievously wounded during a January assassination attempt. Giffords, D-Arizona, was met by thunderous applause from colleagues as she walked into the chamber to support a hard-fought bill that would raise the U.S. debt ceiling.
POLITICO: Joe Biden, Mitch McConnell and the making of a debt deal
This account of the final days of high-stakes negotiations is based on interviews with lawmakers, congressional staff, administration aides and Democratic officials familiar with the talks. They described an agreement sealed by Obama and Boehner but said it was Biden’s close working relationship with McConnell that broke the months-long logjam.
CNN: Expected cost of FAA funding feud: At least $1.2 billion
The House adjourned for summer recess Monday night without resolving a Federal Aviation Administration funding impasse, almost guaranteeing that nearly 4,000 FAA employees will remain furloughed for the next month, and that the federal government will lose at least $1.2 billion in airline passenger tax revenue.
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CNN: High temperatures scorch Midwest, South
Tuesday will mark 32 straight days that Dallas has been over 100 degrees and at least 12% of the country is experiencing extreme drought conditions. Heat advisories are in place from the South to the Central Plains, turning up the heat and humidity in parts of at least 14 states, according to the National Weather Service.
CNN: Justice Department challenges Alabama's immigration law
The Justice Department has filed suit challenging Alabama's new immigration law, which is set to take effect September 1. In documents filed in the Northern District Court of Alabama on Monday, the Justice Department said that various provisions of HB 56 undermine immigration enforcement priorities and objectives of the federal government.
USA Today: States cut back on efforts to draw tourists
About 20 states have cut spending in the past year on advertising and other promotion and support to try to lure tourists and their vacation dollars, the U.S. Travel Association says. …Tight budgetary times are the reason for the cuts. They're resulting in less advertising aimed at getting visitors.
CNN: Major employer to rebuild in tornado-ravaged Alabama town
After an anxious three-month wait, residents of a northwest Alabama town that lost 18 residents and its business core to an EF-5 tornado learned Monday night that their largest employer will rebuild - and may add jobs. …The April 27 tornado leveled the Wrangler jeans distribution center and killed one employee. It also destroyed or damaged 31 of 32 businesses in town, wiping away most of the town government's revenue sources.
CNN: HHS OKs birth control with no co-pay
The U.S. Department of Health and Human Services announced new guidelines in Washington Monday requiring health insurance plans beginning on or after August 1, 2012 to cover several women's preventive services, including birth control and voluntary sterilization.
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CNN: Report: 24 killed, 150 detained amid Syrian anti-government protests
At least 24 people were killed and dozens were injured by security forces as anti-government protesters took to the streets in various Syrian cities overnight, the London-based Syrian Observatory for Human Rights said Tuesday. Rami Abdulrahman, head of the human rights group, also said more than 150 have been detained across Syria following Ramadan prayers late Monday night.
CNN: U.S. warns Libyan rebels to get their act together
Even as it prepares to hand over the Libyan embassy in Washington to the rebel government, the State Department is warning the Transitional National Council to get its act together. An administration official told CNN the United States has warned the TNC that this is a "do-or-die moment" for the organization to carry out a credible and thorough investigation of the killing of its military commander, Abdel Fatah Younis.
New York Times: Somalis Waste Away as Insurgents Block Escape From Famine
The Shabab Islamist insurgent group, which controls much of southern Somalia, is blocking starving people from fleeing the country and setting up a cantonment camp where it is imprisoning displaced people who were trying to escape Shabab territory. The group is widely blamed for causing a famine in Somalia by forcing out many Western aid organizations, depriving drought victims of desperately needed food.
CNN: Workers find lethal levels at Fukushima Daiichi plant
The operator of Japan's crippled Fukushima Daiichi nuclear plant has detected the highest radiation levels at the facility since the initial earthquake and tsunami five months ago, a company spokesman said Tuesday. The ultra-high levels of radiation were measured Monday afternoon on the grounds of the facility, between reactors No. 1 and 2, Tokyo Electric Power Company spokesman Naoki Tsunoda.
Bloomberg: Investors Lose Confidence in Big BRIC Banks
Banks in the biggest emerging markets are losing the confidence of investors as loans turn sour after a two-year credit binge. Brazil’s financial shares have lost more this year than counterparts in crisis-stricken Europe as consumer defaults hit a 12-month high in June and borrowing costs climbed to 46 percent. Bank stocks in China are trading at lower valuations than global emerging-market indexes for the first time since 2006.
For the latest business news: http://www.CNNMoney.com
Wall Street Journal: Toyota Raises Full-Year Outlook Despite 99% Profit Slump
Toyota Motor Corp. said Tuesday that it managed to squeeze out a profit in the April-June quarter and raised its fiscal-year net profit target by nearly 40%, despite the March 11 earthquake hampering production and the yen's surge denting its competitive edge overseas. Japan's biggest car maker by volume said it posted a net profit of ¥1.16 billion ($15 million) in its fiscal first quarter ended June.
CNNMoney: Twitter lands major new funding round
Twitter has landed a major influx of cash to help it expand: The five-year-old social media company said Monday that it has just wrapped up a "significant" funding round led by venture firm DST Global. Twitter didn't disclose how much it raised. However, Twitter amended its certificate of incorporation forms late last week to authorize the issuance of up to 25 million new shares, priced at just over $16 per share.
The Atlantic: Adobe Quietly Surrenders to Steve Jobs, Builds Flash Alternative
Thanks to a new Flash alternative released Monday, Adobe software will finally be compatible with Apple's mobile devices. …But except for a tiny mention of compatibility with Apple's mobile operating system, they leave out the fact that they're doing exactly what Steve Jobs told them to do a little over a year ago.
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CNN's Frederik Pleitgen takes a look at the upcoming trial of former Egyptian President Hosni Mubarak.
Anyone examining S& P 's role in shifting deficit/ debt ceiling debate from rational, level discussion / examination of options to far right deal labeled 'Grand Compromise'?