OVERNIGHT MONEY: Negotiating long-distance, cont’d

Rep. Eric Cantor (R-Va.), the House majority leader, is set to bring tomorrow to a close with an evening speech, titled “We Are a Nation at a Crossroads,” that discusses the GOP’s plans to grow the economy. The talk at Harvard’s Kennedy Center – perhaps not the first location you might expect to hear a Virginia Republican – will come after the GOP has tried to cast its budget-cutting efforts as a way to reduce economic uncertainty and spark private-sector investment. 

Earlier on Thursday, the U.S. Conference of Mayors is slated to come up with its strategy to oppose cuts in the House spending bill, which looks to slash $61 billion from current spending levels for the last seven months of the fiscal year. 

According to a press release, the group, currently meeting in Washington, will ask the Senate to restore funding to “homeland security grants, workforce training grants, community health centers, education, high speed rail, public housing and much more.” The group is also amping up to mobilize against cuts in President Obama’s fiscal 2012 budget to the Community Development Block Grant program.

Democrats in the House are also planning on going on the offensive, with Rep. John Conyers (D-Mich.), the ranking member of the House Judiciary Committee, set to hold a forum tackling the GOP budget proposal. 

The panel at Conyers’ event is expected to delve into the impact of the Republican plan and how its push to cut spending could affect various groups. Advocates for consumers, minorities and the environment are all expected to attend. 

That action comes a day after Sen. Chuck Schumer (D-N.Y.) gladly spread word about a Goldman Sachs study that predicted the House GOP plan would impede economic growth. On Wednesday, 29 humanitarian groups also released a letter calling on House leaders to restore cuts that they said would devastate hunger and refugee programs.

What Else to Watch For:

Let’s Get Together: The president’s competitiveness council — which includes names like Richard Trumka, Steve Case and Jeff Immelt — is set to meet on Thursday. 

Don’t Forget the Crops: In the morning, the Agriculture Department will release its annual outlook report at an event in the Virginia suburbs of Washington. The report will include data for crop production and food prices, while a day-long forum could feature complaints by producers about cuts to rural programs made in the president’s 2012 budget request. 

Former President Bill Clinton, Agriculture Secretary Tom Vilsack, and Sen. Debbie Stabenow (D-Mich.), the chairwoman of the Senate Agriculture Committee, are all set to address the forum. 

Stakeholder Roundup: The Brookings Institution is among the scheduled hosts of a panel discussion on the future of what it calls the endangered middle class. 

The Global Business Dialogue, meanwhile, is set to hold an event pushing for the ratification of the U.S.-Colombia free trade deal, with scheduled appearances from the business and legislative sector. 

And the Woodrow Wilson Center is set to talk about how groups are trying to convince China to make more environmentally-friendly investments. 

Economic Indicators:

— The Census Bureau is set to drop January statistics on both durable goods manufacturing and new homes sales.  

— The Labor Department is scheduled to release weekly job claims numbers.

— The Federal Housing Finance Agency is expected to circulate its quarterly index on housing prices for the last part of 2010. 

— Freddie Mac is slated to release weekly mortgate rates.

— And the Energy Information Administration is scheduled to drop its Week in Petroleum. 

Breaking Wednesday:

Book ‘Em: The Justice Department has accused four bankers associated with Switzerland’s Credit Suisse with helping Americans evade their taxes, The New York Times reports. According to The Times, the bankers also worked with two smaller Swiss banks and an Israeli one to hide wealthy Americans’ assets.

Opening the Wallet: The Wall Street Journal reports that the House spending measure actually throws some money — $13 million or so — at the special inspector general for TARP. The Securities and Exchange Commission and the Commodity Futures Trading Commission, on the other hand, actually took an $80 million hit. 

It’s the Magic Number: Oil hit $100 a barrel on Wednesday, for the first time during President Obama’s time in the Oval Office. (The last time oil reached that price was October 2008, to be exact.)

86ing 1986: Officials from the Economic Policy Institute want a different kind of tax reform than the one passed 25 years ago, arguing that the Bush-era tax distribution should not be locked in.

What You Might Have Missed:

On the Money’s Wednesday:

— The president calls on the two parties to join together to cut the budget. 

— The Fed is no longer taking public comments on the so-called Durbin amendment. 

— Bill Richardson hitches his wagon to APCO, the public relations firm.

— John Cornyn continues to press for a balanced budget amendment.

— Metropolitan areas north, south, east and west saw GDP decreases.

— Sales of previously owned homes continue to inch up. 

— Americans saw their state and local tax bill inch down. 

— And job growth is concentrated in lower-wage industries. 

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