OVERNIGHT MONEY: Tea Party talkers

Five Republican lawmakers are slated to appear — Sens. Rand Paul (Ky.), Orrin Hatch (Utah) and Mike Lee (Utah), and Reps. Michele Bachmann (Minn.) and Steve King (Iowa). And with so much debate in Congress focused on spending, the federal budget, and the looming debt limit, we’ll be keeping an eye on this event for any news about the Tea Party’s take on the federal pocketbook.

What Else to Watch for:

First, the Administration: Looking for a trek up I-95? Vice President Joe Biden and Transportation Secretary Ray LaHood are set to discuss the administration’s infrastructure plans at the 30th Street Station in Philadelphia. 

Austan Goolsbee, the chairman of the Council of Economic Advisers, will also continue the White House push for more investment in innovation, education and infrastructure, in a talk at the Aspen Institute. 

And on a related note, Gene Sperling, the director of the National Economic Council, is slated to discuss green jobs before the Blue Green Alliance, a coalition of labor and environmental organizations. 

Then, the Senate: The Finance Committee is expected to mark up a measure reauthorizing the airport trust fund, which finances a host of Federal Aviation Administration programs. The proposal on the trust fund from Sen. Max Baucus (D-Mont.), the panel’s chairman, calls for steps to modernize the air traffic control system. If approved, the trust fund measure would be offered to the broad FAA legislation as an amendment.  

Sens. John McCain (R-Ariz.) and Tom Carper (D-Del.) are also expected to hold a news conference on their proposal for a line-item veto. Federal employees, meanwhile, are expected to protest the two-year federal wage freeze enacted by Congress in the recent lame-duck session by picketing the Russell Senate Office Building. The march is organized by the American Federation of Government Employees, which fears GOP plans for even longer salary freezes and a hiring freeze.

And the House: On the other side of the Capitol, the House Appropriations Committee is expected to meet to talk about a measure that would fund the federal government for the rest of the fiscal year. The panel’s chairman, Rep. Hal Rogers (R-Ky.), announced last week that the GOP would seek the deepest cuts in transportation and housing (17 percent), justice (16 percent) and agriculture (14 percent). Under Rogers’ plan, defense spending would rise roughly 2 percent. 

Meanwhile, with Democrats hammering Republicans over the agenda in the House, the Rules Committee is expected to consider legislation telling committees to examine how regulations affect job growth.

Moving over to aviation, a House Transportation and Infrastructure subcommittee is slated to meet to discuss a reauthorization bill for the F.A.A. The Senate legislation on that issue has attracted attention, mainly due to attempts by Republicans to include an amendment repealing healthcare reform. For their part, House lawmakers will discuss the legislation with Randy Babbitt, the FAA’s administrator.

For those who want a fuller hearing schedule: Wait for Wednesday, which features – all on the House side — a scheduled appearance by Ben Bernanke; a discussion on the Fed led by Rep. Ron Paul (R-Texas); and talk about Fannie Mae and Freddie Mac. 

Elsewhere…:The American Consumer Institute will meet to hold a panel discussion exploring the economic impact of government regulation — or the lack thereof.

Economic Indicators:

— The Labor Department is set to release data on 2010 work stoppages and a survey on December job openings and labor turnover.

— The American Petroleum Institute is slated to release its weekly bulletin on gasoline production and inventories. 

Breaking Monday:

Should’ve Brought the Fruitcake: During his Monday speech at the U.S. Chamber of Commerce, President Obama called on American business to get off the sidelines and invest in the American economy, The Hill’s Kevin Bogardus and Sam Youngman report. 

The president didn’t shy away from areas where he disagreed with the Chamber (healthcare, for instance) in his speech, but did also try to reach out to the business community. (“Maybe if we’d brought over a fruitcake when I first moved in, maybe we would have gotten off to a better start,” Obama said.)

Grading the Stimulus: The Wall Street Journal recaps a pair of Dartmouth economists’ take on whether the stimulus worked. Short answer: It helped, but not as much as the Obama administration thought it would. Why? Money for education and law enforcement did not particularly create jobs. (Infrastructure spending was more stimulative.) 

Globetrotting: In advance of a scheduled presidential visit, Treasury Secretary Timothy Geithner told an audience of Brazilian students that their country’s interests were “fundamentally aligned” with the United States, the Associated Press reports. Brazilian officials had in the not-so-distant past called out the U.S. for its currency back-and-forth with China, saying they hurt Brazilian exports. 

And over in the Eastern Hemisphere, Commerce Secretary Gary Locke called on India to remove trade barriers during a trip there, The Hill’s Gautham Nagesh reports. 

What You Might Have Missed:

On the Money’s Monday:

— Steve King: My vote on the debt ceiling is tied to an amendment defunding the health care law.

— Ron Paul announces the witnesses for that Fed hearing on Wednesday.

— The president continues call for corporate tax reform, while underscoring the difficulty.

— Darrell Issa releases lots of pages detailing business response to regulations. 

— Senate Banking’s priorities? Implement Dodd-Frank, housing finance, and bailout programs. 

— Rep. Scott Garrett (R-N.J.) wants Fannie and Freddie’s finances on the federal ledger.

— And Mitch McConnell and Orrin Hatch want movement on the Colombia and Panama free trade agreements. 

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