OVERNIGHT MONEY: Third crack

The Associated Press reported, in the aftermath of those February numbers, that deep spending cuts at the state and local level were a “growing threat” to the economy.

WHAT ELSE TO WATCH FOR:

Mark your calendars: On Wednesday, a House Financial Services subcommittee is bringing in Doug Elmendorf, the director of the Congressional Budget Office, and other private and public officials to discuss the costs of implementing the Dodd-Frank financial reform measure. (Also on the witness list: Jill Sommers of the Commodity Futures Trading Commission and Douglas Holtz-Eakin, who advised John McCain’s 2008 presidential campaign.)

Neither snow nor rain…: The Postal Regulatory Commission did not endorse or reject a Postal Service proposal to end Saturday mail service. But Sens. Susan Collins (R-Maine) and Lisa Murkowski (R-Alaska) — both of whom say the move would hurt rural residents — still claimed something of a victory after the commission said going to five-day delivery would not save as much money as USPS had thought. 

“I am pleased that the commissioners have taken seriously the negative impact the proposal could have on Americans who live in rural and remote areas of the nation, including Alaska,” Murkowski said in a statement. 

The commission would seem to have made cutting the service less likely for now. But USPS will still have to find a way to overcome a projected $6.5 billion shortfall, possibly by getting Congress to alter it pension plans.

(Other) economic indicators:

— The Commerce Department is expected to release corporate profit numbers for 2010’s fourth quarter.

— And the Labor Department is set to drop February figures on regional and state unemployment. 

BREAKING THURSDAY:

Mr. Chairman, Mr. Chairman: Ben Bernanke, the chairman of the Federal Reserve, is set to start briefing reporters every quarter, the central bank announced Thursday. 

As our Peter Schroeder noted, the news conferences are expected to come after the Federal Open Market Committee releases its policy decisions. In other words, stay tuned for questions on interest rates. 

Got him on the horn: President Obama and his Russian counterpart, Dmitry Medvedev, spoke on Thursday about the “new momentum” behind Russia’s candidacy for the World Trade Organization, according to a White House release.

The conversation looks to signal movement toward a congressional vote on Russia and the WTO. During the talk, the president reiterated that he would work to set up permanent normal trade relations between the two countries — even as some lawmakers remain angered about Russia’s current human rights record and plan to use any vote to highlight that. 

Obama desperately needs Russian support on Libya right now, so it wouldn’t be surprising for the Russians to use this moment to push for WTO membership.

Hand it over…: Speaking in India, Bill Gates said Thursday the self-made wealthy are more generous with their assets than those who came into money, Bloomberg reports. Gates, Microsoft’s co-founder, is currently trying to get other billionaires to pledge at least half of their holdings to charity.  

WHAT YOU MIGHT HAVE MISSED:

On the Money’s Thursday:

American Enterprise Institute: The housing finance system needs little government backing.

Dick Durbin: You’ll need 60 Senate votes to delay my amendment.

Eric Cantor: The mortgage interest deduction is probably safe. 

Liberal group on deficit reduction: Half spending cuts, half tax increases.

Max Baucus applauds Chile for opening its markets to more U.S. beef. 

James Jones, the president’s former national security adviser, signs up with the U.S. Chamber of Commerce. 

Tax group goes to bat for the territorial system.

Ways and Means’s hearing schedule for next week is filling up.

And jobless claims fall yet again. 

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