OVERNIGHT MONEY: Baucus and Hatch, together again

Baucus has now more firmly sided with the GOP in pushing for the two agreements. Hatch said Wednesday he would do everything in his power to prevent a vote on the Korea FTA, a top administration priority, unless the other two deals are moving as well.

Top Republicans on the House Ways and Means Committee have stressed that they want all three trade pacts completed by the end of June. For his part, Rep. Kevin Brady (R-Texas), the chairman of the Ways and Means trade subcommittee, said Thursday he will hold three hearings on the stalled deals to keep the pressure on the administration.

Kirk told Senate Finance on Thursday that a final deal on Colombia and Panama was perhaps closer than lawmakers expected and urged them to move forward on the South Korea pact.

WHAT ELSE TO WATCH FOR:

Tack on another three weeks: As our Erik Wasson reports, the House is set to release a three-week spending measure on Friday, seven days or so before the current funding mechanism for the government expires. The new continuing resolution would lop $6 billion off of this year’s spending and is looking at earmarked funds for cuts. 

Getting their wonk on: Also known as: Friday at the House Financial Services Committee.

On Friday, a pair of subcommittees will examine the National Flood Insurance Program and the covered bond market.

Rep. Judy Biggert (R-Ill.) will tackle that first issue, as Republicans hope to overhaul the flood program to make it self-sufficient and less of a risk to taxpayers. (As it stands, the initiative is nearly $18 billion in debt.) 

As for the other issue, Rep. Scott Garrett (R-N.J.), whose panel is holding tomorrow’s hearing, has been a longtime backer of covered bonds — which he hopes could serve as a way to invite the private sector back into the housing market and reduce the grip of mortgage behemoths Fannie Mae and Freddie Mac.

A mainstay in Europe, the bonds have failed to gain traction across the Atlantic — something Garrett hopes to rectify.

More budget please: It’s not quite the flood of administration officials as today, but Kathleen Sebelius, the Health and Human Services secretary; Lisa Jackson, the EPA administrator; and Gene Dodaro, the U.S. comptroller general, are all expected to talk budget Friday on Capitol Hill. 

Economic indicators:

— The Census Bureau is set to release February figures on retail sales and January figures on trade and manufacturing.

— The Labor Department is slated to drop 2010 data on veterans employment and January figures on labor turnover. 

BREAKING THURSDAY:

One down…: The House voted Thursday to terminate a mortgage program housed under the Federal Housing Administration, the first in what could be a series of floor votes aimed at the Obama administration’s housing relief initiatives. All that said: The White House has promised to veto the measure, should it ever reach President Obama’s desk, and the Senate is not expected to show much interest in the bill. 

On a related note, David Stevens, the head of the FHA, looks set to depart by the end of next month. 

Open arms: As expected, Vice President Joe Biden pressed hard for Russia’s inclusion in the World Trade Organization during a speech in Moscow and signaled the administration would work with Congress to remove restrictions on Russia getting permanent normal trade relations.  

According to pool reports, Biden also warned Vladimir Putin and other top Russian officials that Moscow’s recent human rights record could be a sticking point with lawmakers in Washington. 

Reorganization time: Jay Carney, the White House press secretary, said Thursday reports that the U.S. Trade Representative might be folded into the Commerce Department are premature. But he confirmed the White House is looking at reorganizing export related agencies. 

For nearly a year, the administration has been trying to fix the broken system of export controls that involve multiple competing agencies and standards. For instance, State and Commerce regularly argue about what are military items (State’s jurisdiction) or dual-use items (Commerce). 

In all, Agriculture, Commerce, USTR, USAID, the Small Business Administration and State all have major roles in promoting trade and these could be merged into a Department of Commerce and Trade.

The Wall Street Journal reported Thursday that President Obama is expected to receive recommendations on the issue within three months. 

WHAT YOU MIGHT HAVE MISSED:

On the Money’s Thursday:

— Mary Schapiro offers her regrets over the SEC’s handling of its former top lawyer and his Madoff-linked inheritance. 

— Senate panel tells Ray LaHood to tamper his expectations on Transportation’s budget.  

— Small business owners hit the Hill to lobby for Durbin amendment.

— Bernie Sanders thinks revenue is inching more into the deficit discussion. 

— Ways and Means Dems look to increase infrastructure investment. 

— Gallup finds about one in four expect gas to hit $5 a gallon. 

— Olympia Snowe gets some static over her CR vote from a primary challenger

— The trade deficit widens. 

— And weekly jobless claims creep up. 

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