OVERNIGHT MONEY: Obama heads to Florida to promote travel, tourism

By Vicki Needham, Bernie Becker and Peter Schroeder - 01/18/12 07:05 PM ET

THURSDAY'S BIG STORY:

M-I-C ... see you real soon: President Obama heads to Mouseland on Thursday to discuss his plans to boost economic growth by promoting travel and tourism as part of his "We Can’t Wait" jobs growth initiative.

He'll zip down to Disney World in Orlando, Fla., for a lightning-fast speech in the Magic Kingdom — a trip so short he might not even get a chance to catch any rays of warm Florida sunshine — and is expected to announce that he will make permanent a program called Global Entry that cuts down clearance times at U.S. customs checkpoints for "pre-approved, low-risk travelers" arriving in the United States, according to several news reports.

Ahead of the trip, the White House was hush-hush on the specifics.

There also is the expectation that Obama will announce the addition of more positions at consular offices in Brazil and China — where demand is especially high for visas to visit here — as part of an effort to provide a boost for the struggling economy.

Retailers, travel and trade advocates have been on the forefront of a push to pass legislation that would help federal agencies drastically reduce wait times and clear the backlog of visas for foreign tourists.

The business groups are urging the State Department to hire more employees and expand their offices to expedite visas in the growing tourism markets while maintaining high entry standards.

That has to make Mickey, Donald and Goofy, and their bosses, pretty happy — the more the merrier to ride Space Mountain and explore the nations of Epcot.

WHAT ELSE TO WATCH FOR

Eyeing Europe: The Peterson Institute for International Economics will cast a gaze across the Atlantic Ocean on Thursday, holding a briefing to discuss the debt crisis in the euro zone. The nonpartisan research institution will also release two new papers on that dramatic situation, which poses a strong threat to America's own fragile economic recovery.

Short end of the stick?: While President Obama heads to the Magic Kingdom, Vice President Biden is scheduled to jet off to sunny Reno, Nev. Joined by an Education Department official, Biden will discuss college affordability in the self-proclaimed "Biggest Little City in the World."

BREAKING WEDNESDAY

Let's agree to disapprove the approval of the ... wait, what was that? The House on Wednesday approved a resolution disapproving of President Obama's request to increase the debt ceiling by another $1.2 trillion, sending it to a Senate where it will probably fail.

The House approved the resolution in a 239-176 vote in which just one Republican voted against it and six Democrats voted for it.

I can't get no, Keystone pipeline: President Obama on Wednesday said the administration is rejecting the proposed Keystone XL oil sands pipeline, a move that will escalate an explosive election-year fight with Republicans and major business groups.

Obama said he was not acting on the merits of TransCanada Corp.’s plan, but instead was forced to make the decision based on the “arbitrary” deadline mandated by GOP provisions in December’s payroll tax cut extension deal.

Almost paradise?: Mitt Romney, the front-runner for the GOP presidential nomination, has quite a bit of cash stashed in the Cayman Islands, ABC News reports. How much? As much as $8 million in 12 separate accounts, in addition to another investment worth between $5 million and $25 million.

In all, Bain Capital, Romney’s former private-equity firm, has well over 100 accounts set up in the Caymans to help attract foreign investment. The former Massachusetts governor’s campaign says Romney has received no tax advantage from having those accounts offshore.

ECONOMIC INDICATORS

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

Consumer Price Index: The Labor Department releases its measure of the price level of a fixed market basket of goods and services purchased by consumers. CPI is the most widely cited inflation indicator, and it is used to calculate cost of living adjustments for government programs.

Housing Starts-Building Permits: The Commerce Department releases its report on the number of residential units under construction along with building permits, which allow work to start and are a forward looking indicator.

WHAT YOU MIGHT HAVE MISSED

— Pelosi intensifies call for taxing wealthy, corporations to fund payroll tax holiday

— Los Angeles mayor: 'I know bad news is coming' in Obama budget

— Business execs blame political system for US decline

— Regulators defend 300-page 'Volcker Rule' on risky trading

— IMF looks to boost funding without US assistance

— Poll: Small businesses want government out of the way

— Homebuilders less pessimistic on sluggish housing market

— Camp: Conference committee likely to meet next week

— Former GOP leadership staffer joins Monument Policy Group

— Two Democrats want regulator’s documents on reducing mortgage principal

— Paul warns failure to reduce debt will have global consequences