OVERNIGHT MONEY: The Chamber speaks

The president himself is slated to address the chamber next month, while Donohue has responded positively to the Daley choice. What does that mean for tomorrow’s speech? We’ll find out at 9 a.m.

LOOKING FORWARD:

The president stays: Following this weekend’s shooting in Arizona, President Obama has canceled a scheduled Tuesday trip to Schenectady, N.Y., to discuss the economy. According to a White House release, the visit to a General Electric plant will likely be rescheduled. 

Leahy speaks: With his chamber in recess, Sen. Patrick Leahy, the chairman of the Judiciary Committee, is scheduled to discuss his panel’s upcoming agenda at the Newseum in Washington, D.C., on Tuesday morning. The Vermont Democrat is expected to touch on taxes and promoting innovation, among other topics. 

Economic indicators: The Labor Department is slated to release a survey on job openings and labor turnover for November on Tuesday. Also scheduled to drop tomorrow: An American Bankers Association bulletin on consumer credit delinquency for 2010’s third quarter, and Census Bureau data on monthly wholesale trade for November.

The rankings will wait: Democrats on the House Ways and Means Committee do not expect to announce subcommittee ranking members until next week, also in light of the Arizona shooting. 

Monday’s News:

The $600 billion process: The New York Times pulls back the curtain on the Federal Reserve’s efforts to outsmart and outfox some of Wall Street’s savviest, as it purchases hundreds of billions of dollars worth of Treasury securities during the so-called QE2.

An appropriations purge…: Five Democrats are finding themselves out of a spot on the House Appropriations Committee, our own Erik Wasson reports, including: Reps. Ben Chandler of Kentucky, Steve Israel of New York, Dutch Ruppersberger of Maryland, Tim Ryan of Ohio and Debbie Wasserman Schultz of Florida. The decision was based on seniority, as Democratic membership on the panel is dropping from 37 to 21.

…And another avoided: Most of the 50-member staff of the House Appropriations panel will be staying on, The Washington Times reports, despite Tea Party calls for the GOP to clean house and bring in a whole new slate. Republican committee members say the long-time staffers are valuable for their bean-counting skills.

The world’s 8th largest economy:  In the opening act of a drama Washington budget negotiators will be watching closely, Gov. Jerry Brown of California, a Democrat, unveiled a combination of deep spending cuts and tax increases to solve the California budget deficit. 

Paul Ryan’s Fiscy Award?: The Washington Post’s Ezra Klein blogs that the House Budget Committee chairman and Wisconsin Republican did not deserve it. Nor, Klein adds, is Ryan living up to his reputation as a deficit hawk, considering his support of, among other things, the extension of the Bush tax cuts. 

ON THE MONEY’S MONDAY:

Some highlights from our blog: 

A House Appropriations cardinal says, following the Arizona shooting, that it’s too early to discuss the Capitol Police’s budget. The Fed’s investments led to a record payment to the Treasury Department. The Volcker Rule could have unintended consequences, a lobbying group says. An audit finds that just because a business has a federal contract doesn’t mean its taxes are up to date. And Treasury Secretary Timothy Geithner says the devil could be in the details when it comes to tax reform.   

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