OVERNIGHT MONEY: Eyes on the president


Speaking of which: A trio of Republican senators — Lindsey GrahamLindsey Olin GrahamPelosi warns Mnuchin to stop 'illegal' .3B cut to foreign aid Graham warns Trump on Taliban deal in Afghanistan: Learn from 'Obama's mistakes' Appropriators warn White House against clawing back foreign aid MORE of South Carolina, Mike LeeMichael (Mike) Shumway LeeMcConnell, allies lean into Twitter, media 'war' Conservatives buck Trump over worries of 'socialist' drug pricing Criminal justice reform should extend to student financial aid MORE of Utah and Rand PaulRandal (Rand) Howard PaulGraham promises ObamaCare repeal if Trump, Republicans win in 2020 Conservatives buck Trump over worries of 'socialist' drug pricing Rand Paul to 'limit' August activities due to health MORE of Kentucky — are scheduled to unveil legislation that would reform Social Security on Wednesday. According to news reports, the group has discussed installing means testing for the program and raising the retirement age, which currently stands at 67 for those born in 1960 and after. 

For their part, some Democrats have called for Social Security to be removed from the discussion over long-term deficits and made the case that it has not been a driver of the current fiscal situation. 

Financial crisis fallout: Sens. Carl LevinCarl Milton LevinListen, learn and lead: Congressional newcomers should leave the extremist tactics at home House Democrats poised to set a dangerous precedent with president’s tax returns The Hill's 12:30 Report — Sponsored by Delta Air Lines — White House to 'temporarily reinstate' Acosta's press pass after judge issues order | Graham to take over Judiciary panel | Hand recount for Florida Senate race MORE (D-Mich.) and Tom CoburnThomas (Tom) Allen CoburnThe Hill's Morning Report — Presented by PhRMA — Worries grow about political violence as midterms approach President Trump’s war on federal waste American patients face too many hurdles in regard to health-care access MORE (R-Okla.) are set to unveil their own report on 2008's financial crisis on Wednesday, one that represents two years' worth of work from the Senate’s permanent subcommittee on investigations. (Expect details to roll out in the evening time.)

The last official government take on the financial crisis — the report from the Financial Crisis Inquiry Commission — ended up breaking down over party lines, so it will be interesting to see what sort of bipartisan consensus could emerge from this fresh take.

Economic tea leaves: The Federal Reserve will release the latest version of its "beige book" tomorrow afternoon, its semi-regular release detailing what Fed governors across the country are seeing and hearing from business contacts about the economy. 

Over the last few months, the Fed has struck a cautiously optimistic tone about the economic recovery, but with caveats about continued struggles in the housing market. We'll be watching to see if the recent spike in fuel prices is having any major effects on the Fed’s point of view.

Hearing breakdown: With all that tax talk, the House Ways and Means Committee is scheduled to hold a Wednesday morning hearing on why any tax reform package should tackle the whole code. Rep. Dave Camp (R-Mich.), the committee’s chairman, has thrown his weight behind the idea of comprehensive tax reform, but the Obama administration appears more interested in the corporate code at this moment. 

Speaking of taxes, the House Small Business Committee is set to examine how the current code drags down — yup — small businesses. And, a day after looking at tax code ideas from around the globe, the Senate Finance Committee will shift to deficit reduction – which, of course, a fair number of economists say will require new sources of tax revenue. 

Economic indicators: The Commerce Department is set to drop a pair, on March retail sales and February manufacturing inventories. Retail sales are expected to have risen in March, despite rising gas prices, as the labor market improved during the past couple of months. 


Are we done with 2011?: Funding, that is. And the answer’s not quite. With the measure to finance the government for the rest of the fiscal year not released until early, early Tuesday morning, the House is now set to take up the measure on Thursday

For their part, lawmakers on both sides of the aisle used part of their Tuesday to plant their flags on the issue. On the left, Sen. Bernie SandersBernie SandersTop Sanders adviser: Warren isn't competing for 'same pool of voters' Eight Democratic presidential hopefuls to appear in CNN climate town hall Top aide Jeff Weaver lays out Sanders's path to victory MORE (I-Vt.) said he’d oppose the measure, while Rep. Jason ChaffetzJason ChaffetzHouse Oversight panel demands DeVos turn over personal email records The Hill's Morning Report - Presented by JUUL Labs - Trump attack on progressive Dems draws sharp rebuke GOP senators decline to criticize Acosta after new Epstein charges MORE (R-Utah) indicated he would do the same, albeit for very different reasons

Staying in the Beehive State, Sen. Orrin HatchOrrin Grant HatchTrump to award racing legend Roger Penske with Presidential Medal of Freedom Trump awards Presidential Medal of Freedom to economist, former Reagan adviser Arthur Laffer Second ex-Senate staffer charged in aiding doxxing of GOP senators MORE, a Republican, took to Twitter to ask for input on the matter. And Rand Paul has even left open the option of filibustering the measure, assuming it makes its way over from the House. All that said, Rep. Eric CantorEric Ivan CantorEmbattled Juul seeks allies in Washington GOP faces tough battle to become 'party of health care' 737 crisis tests Boeing's clout in Washington MORE (R-Va.), the House majority leader, said the legislation would make its way through his chamber, and with strong GOP support.

Paging Elizabeth WarrenElizabeth Ann WarrenTop Sanders adviser: Warren isn't competing for 'same pool of voters' Eight Democratic presidential hopefuls to appear in CNN climate town hall In shift, top CEOs say shareholder value not top goal MORE: The White House is having some trouble finding that first head of the Consumer Financial Protection Bureau, The Wall Street Journal reports. Some of the names mentioned include former Democratic senators (Ted Kaufman of Delaware) and members of the Federal Reserve board (Sarah Bloom Raskin). And of course, the president could just decide to tap Elizabeth Warren, who is now working to get the bureau up and running and whose selection would almost certainly not be well-received on the right. 


On the Money’s Tuesday:

— Was something happening last week? The budget and economy returned to center-stage, news-wise.

— Former Treasury official: Talk of not raising debt ceiling plain “nuts.”

— About that: Rep. Steny Hoyer, unprompted, says voting against debt-limit hike was wrong.

— Fiscal 2011 spending bill allows for greater CFPB examinations.

— Rep. Chris Van Hollen: Look for the House Democrats’ 2012 budget tomorrow.

— Corporate-only tax reform would likely injure small businesses, Ernst & Young says.

— Democratic lawmakers take on the gender pay gap

— NAACP clarifies on Durbin amendment: We’re not opposed to implementation, but the Fed needs to review proposed rules…

— ...But high-tech companies join the anti-Durbin crowd.

— Liberal think tank: Regulations don’t impede job creation, despite what the GOP says.

— Sens. Barbara BoxerBarbara Levy BoxerOnly four Dem senators have endorsed 2020 candidates Hispanic civil rights icon endorses Harris for president California AG Becerra included in Bloomberg 50 list MORE and James InhofeJames (Jim) Mountain InhofeDemocrats, environmentalists blast Trump rollback of endangered species protections Bottom Line Overnight Defense: Dems talk Afghanistan, nukes at Detroit debate | Senate panel advances Hyten nomination | Iranian foreign minister hit with sanctions | Senate confirms UN ambassador MORE team up on a jobs measure.

— The trade deficit narrows, though less than expected.

— And it’s Tax Freedom Day!

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