OVERNIGHT MONEY: The Warren Report

WHAT ELSE TO WATCH FOR:

Also in FinServ land: Another subcommittee is expected to dive into five bills that Republicans argue will free up capital markets and boost the economic recovery. Four of those bills would overhaul specific Dodd-Frank provisions, while another would exempt smaller businesses from having to register with the Securities and Exchange Commission. Expect that hearing to be the first in a lengthy effort by the GOP to peel back components of Dodd-Frank now that it’s running the House.

No, not basketball brackets: Tax brackets. On Wednesday, Rep. Jan Schakowsky (D-Ill.) and others will discuss legislation that would create new brackets for taxpayers making north of $1 million. Over in the Senate, Bernie Sanders (I-Vt.) has already introduced a measure that would place a surtax on income above the $1 million mark.  

Return of the mayors: Local officials will continue their push to save cherished block grants on Wednesday with an early morning news conference. The National League of Cities, the United States Conference of Mayors, and the National Association of Counties (NACo) are expected to discuss a report documenting the economic impacts of the Community Development Block Grant program. The program is slated for deep cuts in the House-passed spending bill and a smaller cut in Obama’s 2012 budget.

Time for a different perspective: Much of the recent talk on Capitol Hill — certainly on the GOP side — has been about how the Obama administration hasn’t shown enough urgency on trade agreements with Colombia and Panama, even as they say a deal with South Korea is ready to be sent to Congress. But get ready for the opposite take: Rep. Mike Michaud (D-Maine) and other lawmakers are expected to discuss their issues with the Korea deal on Wednesday, after Michaud blasted the administration last week for “pushing leftover Bush negotiated free trade agreements.”

Capitol Hill roundup: House Ways and Means is scheduled to discuss the reauthorization of the airport trust fund (in full committee) and a measure looking to bar tax breaks for private healthcare plans that cover abortions (in subcommittee).

Let’s go budgeting: Representatives from the Army, Navy and Marines are expected to be on Capitol Hill to talk fiscal 2012 budgets. 

Economic indicators:

— The Mortgage Bankers Association is slated to circulate its weekly applications survey.

— The Census Bureau is expected to release February information on building permits.

— The Commerce Department is set to drop 2010 fourth quarter numbers on the current account trade deficit. 

— The Labor Department is scheduled to release February’s Producer Price Index.

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

BREAKING TUESDAY:

Step away from Social Security: Bernie Sanders (I-Vt.) and other congressional liberals are pushing legislation that would require two-thirds votes in both chambers to substantially modify Social Security, Dow Jones reports. 

Progressive lawmakers have consistently declared that Social Security has not added on to the deficit, and Sen. Harry Reid (D-Nev.), the majority leader, said Tuesday that he was “totally opposed to using Social Security as a stalking horse for the budget problem.” 

Staying the course: So it goes with the Federal Reserve, which decided to keep interest rates near zero and barrel ahead with its second round of buying back Treasury bonds. 

Even so, the Fed had “concerns,” as our Peter Schroeder reports, about the world’s oil supply and the unrest in the Middle East. 

Rand Paul is unimpressed with your cuts: $61 billion? $100 billion? Piddling, says Sen. Rand Paul (R-Ky.), who announced legislation Tuesday that would cut $200 billion in spending this year. Among the cuts: 50 percent rollbacks to the Energy, Education and Housing and Urban Development departments, as well as a 5 percent cut in military spending. 

(Still, as our colleague Alexander Bolton notes, that $200 billion is quite a drop from the $500 billion in cuts Paul was calling for earlier.)

No, we didn’t forget: Yes, the House passed another short-term 2011 funding measure — the sixth so far. 

The statement the White House released on the three-week continuing resolution, containing roughly $6 billion in cuts, had something of a déjà vu feeling to it. It urges the Senate to pass it to avoid a government shutdown, asserts that governing in two- and three-week increments is a bad idea, and declaring that the government should not skimp on “critical investments.”

WHAT YOU MIGHT HAVE MISSED:

On the Money’s Tuesday:

— Harry Reid says to expect yet another 1099 measure. 

— The White House sends the House GOP more housing-related veto threats.

— GOP study doesn’t guarantee that cutting spending will immediately grow jobs. 

— Rivlin and Domenici don’t mince words on the current spending debate.

— Jon Tester wants to hit the brakes on the Durbin amendment: Dick Durbin feels differently.

— John Boehner’s optimistic on corporate tax reform.

— McCain, Flake and Rubio want to allow tax dollars to be earmarked for deficit reduction. 

— And Bob Corker on Bob Corker: Vote on the debt ceiling has conditions.