WASHINGTON (8/3/11)--With debt ceiling lift legislation gaining final approval from President Barack Obama on Tuesday, Congress is set to leave for August recess once its work is complete this week. Senate Banking Committee and House Financial Services Committee hearings that were scheduled for this week are among those that have been postponed ahead of the August recess. The recess is scheduled to last until Sept. 6. Most notably, the Senate committee’s confirmation hearing for potential Consumer Financial Protection Bureau (CFPB) director Richard Cordray has been pushed back to September. A House Financial Services subcommittee on insurance, housing and community opportunity hearing on the future roles of the Federal Housing Administration, the Rural Housing Service and the Government National Mortgage Association in single- and multi-family mortgage markets is also among the hearings that have been postponed. The deficit reduction and debt ceiling lift package, which will lift the debt ceiling by $2.4 trillion and cut an estimated $2.1 trillion in government spending between 2012 and 2021, was approved by the Senate by a 74 to 26 vote count on Tuesday.