Money in the Morning

House GOP ‘Pledge’ Roll-Out -- The unveiling of the House Republicans’ plan is scheduled for 10 a.m. at Tart Lumber Co. in Sterling, Va. The deets are already out. As expected, the plan is heavy on spending cuts and tax breaks.

AP: “The ‘Pledge to America,’ circulated to GOP lawmakers Wednesday, emphasizes job creation and spending control, as well as changing the way Congress does business. It steered clear of controversial issues such as Social Security and Medicare, big drivers of deficit spending.”

Key econ provisions: permanent extension of all of the Bush tax cuts; return to 2008 discretionary spending levels; hard cap on future spending; vote on any regulation with annual cost more than $100 million; freeze on hiring federal workers except for security; 20 percent deduction for small businesses ; repeal and replace healthcare

Reax on the right is mixed...

RedState’s Erick Erickson wants bolder ideas... “There is no call for a Spending Limitation Amendment or a Balanced Budget Amendment. It is just meaningless stuff the Democrats can easily undo and that ultimately the Senate GOP will even turn its nose up at.”

National Review says it’s bolder than the vaunted ‘94 GOP plan... “The Contract with America merely promised to hold votes on popular bills that had been bottled up during decades of Democratic control of the House. The pledge commits Republicans to working toward a broad conservative agenda that, if implemented, would make the federal government significantly smaller, Congress more accountable, and America more prosperous.”

WH hits back -- Dan Pfeiffer blogs: “This is the same agenda that caused the deepest recession since the Great Depression, costing 8 million jobs, wiping out trillions in family wealth and setting middle-class families back.   Instead of a pledge to the American people, Congressional Republicans made a pledge to the big special interests to restore the same economic ideas that benefited them at the expense of middle-class families.”

Boehner profiled in WSJ: “Amid economic turmoil, Mr. Boehner's roots as a local small-business owner near here, in suburban Cincinnati, give him credibility and a rallying cry. Yet with his growing public profile... he's finding his business ties might also offer opponents a target.”
Some nuggets...

-”back-home advisers include a real-estate developer, a direct-mail printer, a lobbyist and a candle maker who supplies Wal-Mart Stores Inc.”

-”To put himself through Xavier University...he says he worked ‘every rotten job there was and damn glad to have them,’ including janitor, roofer and heavy-equipment driver.”

-”Mr. Boehner says his dark complexion is natural... ‘I have never been in a tanning bed or used a tanning product’” ... His staff showed a high-school group photo where he has the darkest face in Moeller High's all-male class.

-”The final blow" before leaving the Democratic Party, he says, came in 1978, when his income topped $74,000, putting him in the 70% bracket.

Senate Tax Cut debate may be delayed -- WaPo’s Lori Montgomery: “Instead of spending their time tussling over income tax rates, some Senate Democrats are pressing their leaders to stage a debate over companies that ship jobs overseas... With unemployment at 9.6 percent, these Democrats say a measure to create jobs would speak more directly to the concerns of voters anxious about the economy.” ... The bill that could get a vote calls for a payroll tax holiday for overseas jobs repatriated to the U.S. and an end to subsidies for some manufacturers with offshore operations.
Dems split in House, too -- Pelosi wants to push forward with a vote on the middle-class cuts, but Hoyer wants to wait for the Senate to go first. The Hill: “Their disagreement centers on the political merits of holding a House vote before the election if the Senate does not act first, aides said. Senate leaders have not decided whether to hold a vote before lawmakers leave town, and House Democrats have long been wary of taking votes that may be shelved in the upper chamber.”

Chinese PM Wen pushes back against U.S. calls for yuan revaluation. Reuters:

WH ECON TEAM -- Decision on Summers’ replacement still months away... Goolsbee says not to expect “dramatic change.”

Goolsbee also says Wall Street may not go back to the “go-go days,” but it should be stronger in the long-run due to finreg reform.

Volcker says Obama isn’t antibusiness.

Elizabeth Warren says she would’ve been in a “pumpkin shell” awaiting Senate confirmation if Obama nominated her to be consumer bureau director.

SEC’s internal watchdog blasts the timing of the Goldman fraud suit. Report suggests agency was trying to deflect criticism over its failure to detect the alleged Allen Stanford Ponzi scheme.

FISCAL COMMISSION -- Alice Rivlin says “stars aligned” for Social Security reforms.