OVERNIGHT MONEY: Corzine heading to Capitol Hill next month

WEDNESDAY'S BIG STORY: 

Dizzying December: Now that the supercommittee has abandoned talks, it's all quiet in the Capitol hallways this week, but watch out — that December schedule is filling up.

On Tuesday, the House Financial Services Committee announced that it was calling Jon Corzine, a former Democratic governor and senator from New Jersey, to testify about the demise of MF Global, the hedge fund that he ran before it filed for bankruptcy around three weeks ago. The hearing is scheduled for Dec. 15 and, according to Bloomberg, will also feature Gary Gensler, the chairman of the Commodity Futures Trading Commission.

In all, MF Global filed the eighth-largest bankruptcy in U.S. history, after making bets on the European debt situation that didn't pan out. Gensler has recused himself from the CFTC's investigation of the MF Global bankruptcy, due to a long working relationship with Corzine that included more than a decade together at Goldman Sachs. 

WHAT ELSE TO WATCH FOR 

Gobble, gobble: President Obama will pardon the National Thanksgiving Turkey in a ceremony in the Rose Garden on Wednesday, the eve of the holiday that has most people hitting the roads and taking to the air to gather with friends and family. 

This is the 64th anniversary of the presentation of the bird, although the history of the pardon is a bit fuzzy and a matter of some interesting lore. 

Some say former President Truman started the tradition, but the Truman Library has said there's nothing to back that up. 

Former President Kennedy received a bird shortly before Thanksgiving in November 1963, but while he said he didn't plan to eat the gobbler he didn't officially "pardon" the bird. 

Most likely, it was former President George H.W. Bush who gave decided to spare the bird, and gave its first official pardon to live a long life on a farm. 

Don't forget the Christmas tree: First lady Michelle Obama will stand ready at the White House's north portico on Friday for the arrival of a 19-foot balsam fir from Wisconsin. The tree will be displayed throughout the holiday season in the Blue Room. 

THE PRESIDENT'S TUESDAY

Pushing the payroll tax cut: President Obama on Tuesday said congressional Republicans would be breaking their no-new-taxes pledge if they block an extension of a payroll tax cut set to expire at the end of next month.

In making his case, Obama referenced the Taxpayer Protection Pledge administered by Grover Norquist’s Americans for Tax Reform group, though he did not cite the anti-tax activist by name. 



“The question they’ll have to answer when they get back from Thanksgiving is this: Are they really willing to break their oath to never raise taxes and raise taxes on the middle class just to play politics?” Obama said in remarks at an event in New Hampshire. “I sure hope not.”

Speak up, please: President Obama was heckled on Tuesday during an appearance at a New Hampshire high school, although no one could actually make out what was said. 

Obama had traveled north to the Granite State, which holds the nation’s first presidential primary, to discuss the economy and his proposal to extend a current payroll tax cut.

Boehner's up for it: House Speaker John Boehner stressed Tuesday that House Republicans were willing to consider an extension of the current payroll tax cut. The Ohio Republican's statement, which came the same day President Obama lobbied for the payroll tax cut in a New Hampshire speech, also called on the Senate to approve what he called more than 20 House-passed bills that could help create jobs. 

BREAKING TUESDAY

That stimulus is working: Remember the 2009 stimulus? Well, the Congressional Budget Office said Tuesday the package continues to benefit the struggling economy.

The agency said the measure raised gross domestic product by between 0.3 and 1.9 percent in the third quarter of 2011, which ended Sept. 30. The Commerce Department said Tuesday that GDP in that quarter was only 2 percent total.

Bank earnings are up: Bank earnings rose over the summer to their highest level in more than four years, while the number of troubled banks fell for the second straight quarter, federal regulators reported Tuesday. The Federal Deposit Insurance Corp. said the banking industry earned $35.3 billion in the July-September quarter. That's up from $23.8 billion in the same period last year. More than 60 percent of banks reported improved earnings.

In a minute: Federal Reserve policymakers this month discussed how they could give businesses and investors more information about what might trigger an increase in interest rates, according to minutes of the Nov. 1-2 meeting. But the Fed held off making any changes.

A panel headed by Vice Chairwoman Janet Yellen is exploring ways to provide more information on future central bank moves. More clarity on interest rate policy could help reassure investors and businesses that rates will stay low.

ECONOMIC INDICATORS 

MBA mortgage index: The Mortgage Bankers Association releases its weekly report on mortgage application volume. 

Initial claims: The Department of Labor releases its weekly filings for jobless benefits.

Personal income-personal spending: The Department of Commerce releases figures on personal income, which measures income from all sources. The largest component of total income is wages and salaries, a figure that can be estimated using payrolls and earnings data from the employment report. Beyond that, there are many other categories of income, including rental income, government subsidy payments, interest income and dividend income. Personal income is a decent indicator of future consumer demand, but it is not a perfect gauge. 

The income report also includes a section covering personal consumption expenditures.

Durable orders: The Department of Commerce releases the report that measures the dollar volume of orders, shipments and unfilled orders of durable goods (defined as goods whose intended lifespan is three years or more). 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.

Michigan sentiment: Thomson Reuters/University of Michigan Survey puts out its report on consumer confidence.

WHAT YOU MIGHT HAVE MISSED

— Report shows three in four states saw unemployment fall in October

— Fed outlines new round of bank stress tests

— Retail groups file lawsuit over debit card swipe fees

— DOJ reviewing banks for breaking antitrust laws with debit card fees

— South Korea approves US trade deal

— Commerce downgrades GDP third-quarter growth to 2 percent

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