OVERNIGHT MONEY: Midnight oil

The draft continuing resolution will detail the $39.9 billion in cuts compared to 2010 spending levels that negotiators agreed to, with a sizable chunk of cuts expected to come from mandatory spending. The exact program cuts were still being negotiated on Monday.

It remains unclear how many House GOP members will defect from leadership on the bill, and whether House Speaker John BoehnerJohn Andrew BoehnerFrom learning on his feet to policy director Is Congress retrievable? Boehner reveals portrait done by George W. Bush MORE (R-Ohio) will have to rely on Blue Dog Democrats to get the needed 218 votes for passage. At this point, a sizable revolt appears unlikely, after only 28 Republicans voted against the current stopgap spending bill that extended government funding from last Friday until next.

Looking further down the road, the House is expected to take up the fiscal 2012 budget crafted by Rep. Paul RyanPaul Davis RyanSaagar Enjeti: Crenshaw's conservatism will doom future of GOP Retirees should say 'no thanks' to Romney's Social Security plan California Governor Newsom and family dress as 2020 Democrats for Halloween MORE (R-Wis.) on Thursday and Friday, before shuttling off for two weeks back in their districts.

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WHAT ELSE TO WATCH FOR:

Dealing in derivatives: The Senate Banking Committee will play host to the who's who of Dodd-Frank on Tuesday, when it gathers top regulators — the heads of the Securities and Exchange Commission and Commodity Futures Trading Commission, for instance — to discuss how new regulations on derivatives are coming along. The financial tool was widely blamed as a major culprit in the financial crisis, and the Wall Street overhaul included new rules on that marketplace. Officials from the Treasury Department and Federal Reserve are also slated to appear at Senate Banking on Tuesday.

The hearing comes days after Sen. Tim JohnsonTimothy (Tim) Peter JohnsonTrump faces tough path to Fannie Mae, Freddie Mac overhaul Several hurt when truck runs into minimum wage protesters in Michigan Senate GOP rejects Trump’s call to go big on gun legislation MORE (D-S.D.), the panel’s chairman, signed on to a letter asking regulators to make sure that new rules on derivatives not catch so-called “end users” — non-financial businesses that use derivatives to hedge against normal business risks (i.e., airlines buying derivatives to guard against fuel-price fluctuations) — in the regulatory net. 

The panel will follow up that hearing by voting in the afternoon on a handful of Obama appointments for various positions in the Commerce Department and on the White House's Council of Economic Advisers.

All's fair in love and trade?: The Commerce Department is scheduled to release U.S. trade deficit numbers for February on Tuesday, with the deficit expected to have narrowed to $44 billion from $46.3 billion. 

The January deficit represented a 15.1 percent increase, the highest level in seven months. Exports rose 2.7 percent that month, an all-time high, but not enough to keep pace with a surge in imports driven by cars and industrial machinery.

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Meanwhile, China announced its first trade deficit in seven years on Sunday, with imports outpacing exports by a slim $1.02 billion for the first quarter of the year.

Still, Beijing continues to have a trade surplus with the United States and will likely run a global surplus for the year, economists estimate. 

Think tank circuit: Rep. Chris Van Hollen (D-Md.), the ranking member of the House Budget Committee, is set to discuss the future of American budgeting at a Tuesday event at the liberal Center for American Progress. With Van Hollen expected to release his own budget in the coming days — a week or so after Ryan dropped his — we’ll be looking for clues as to what that proposal might contain. 

But Van Hollen’s task may also have been complicated by President Obama’s plan to lay out a deficit reduction vision on Wednesday. And progressive activists remain worried that either plan might propose cuts to Medicaid, as a sign of entitlement reform flexibility. 

Elsewhere, Sens. Ron WydenRonald (Ron) Lee WydenSenate aides met with tax return whistleblower: report Democratic senators introduce bill to block funding for border wall live stream Booker, Sanders propose new federal agency to control drug prices MORE (D-Ore) and Michael BennetMichael Farrand BennetFox News anchor apologizes for saying Booker dropped out of 2020 race Klobuchar unveils plan to secure elections as president New poll catapults Buttigieg to frontrunner position in Iowa MORE (D-Colo.) — as well as Dave Cote, the Honeywell International chief executive — are scheduled to talk tax reform at a Progressive Policy Institute event Tuesday. Wyden and Sen. Dan CoatsDaniel (Dan) Ray CoatsHillicon Valley: Amazon to challenge Pentagon cloud contract in court | State antitrust investigation into Google expands | Intel agencies no longer collecting location data without warrant Intelligence agencies have stopped collecting cellphone data without warrants: letter This week: Democrats churn toward next phase of impeachment fight MORE (R-Ind.) dropped their own bipartisan tax reform measure last week.

Speaking of which: Senate Finance is scheduled to break out another in its string of hearings on tax reform, this one looking at tax approaches from around the world. 

(Other) economic indicators: The Labor Department is set to drop import and export price indexes on Tuesday. 

Import prices are expected to show a 2.3 percent rise in March. Prices have risen 8.5 percent since February 2012, in large part due to the spike in oil prices. 


BREAKING MONDAY:

Gang o’ Six: Down in Atlanta, Sens. Saxby ChamblissClarence (Saxby) Saxby ChamblissThe Hill's Morning Report - Gillibrand drops out as number of debaters shrinks Hoekstra emerges as favorite for top intelligence post Republicans say Democrats holding up disaster relief as 'Sandy payback' MORE (R-Ga.) and Mark WarnerMark Robert WarnerHillicon Valley: Commerce extends Huawei waiver | Senate Dems unveil privacy bill priorities | House funding measure extends surveillance program | Trump to tour Apple factory | GOP bill would restrict US data going to China Klobuchar unveils plan to secure elections as president Trump officials extend deadline to allow companies to work with Huawei MORE (D-Va.) announced that the so-called Gang of Six’s deficit containment plan should be unveiled in the next 30 days, The Wall Street Journal reports. 

Other fallout from the two senators’ appearance in the Peach State: The New York Times reports that Chambliss called the president’s upcoming speech on deficit reduction “a little bit of a curveball.” And Bloomberg says the Georgia Republican also flatly said the Ryan budget wouldn’t get the job done, though Chambliss did find the idea of giving subsidies to Medicare recipients “very intriguing.”

The mayor meets the paddywagon: The Hill's Debbie Siegelbaum was on the scene as Vincent Gray, Washington's mayor, was arrested along with other city officials in a protest of the budget deal’s treatment of the nation’s capital. Gray was reportedly not told by the White House or Senate Democrats that the city’s needle exchange program and other initiatives would continue to be targeted in the final deal.


WHAT YOU MIGHT HAVE MISSED:

On the Money’s Monday:

— Gov. Scott Walker has a date with Rep. Darrell Issa’s Oversight committee this week. 

— GOP knocks Obama for bringing up taxes and deficit reduction…

— ... and wants some more clarity on the administration’s transportation decisions.

— Sen. Orrin HatchOrrin Grant HatchTrump awards Medal of Freedom to racing industry icon Roger Penske Trump holds more Medal of Freedom ceremonies than predecessors but awards fewer medals Trump to award Medal of Freedom to former Attorney General Edwin Meese MORE says, when it comes to Dodd-Frank, let’s hold on a minute.

— Fed official says it’s not our fault prices are going up.

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— Anti-poverty activists keep the hunger strike going. 

— Liberals want a clean debt-ceiling hike.

— New York lawmakers look to help some homeowners’ tax bills

— Linking tax collection, passports could help the federal government bring in more in unpaid taxes. 

— Gallup finds some concern over the federal government’s power. 


Feedback? Shoot it to bbecker@thehill.com