OVERNIGHT MONEY: Broken record

Moving to 2011, the federal government is only funded through Friday – and, as our Hill colleagues have documented, Tuesday didn’t bring a ton of movement toward avoiding a government shutdown, even as principals such as House Speaker John Boehner (R-Ohio), Senate Majority Leader Harry Reid (D-Nev.) and President Obama got a fair amount of face time with each other.

After dropping by a Tuesday briefing, Obama hinted that another White House meeting could be on the horizon. But with the president scheduled to head to both Philadelphia and New York tomorrow, a Reid spokesman said nothing was scheduled on that front for Wednesday, at least not yet.

Finally, a Tea Party group is expected to descend on Capitol Hill on Wednesday to press the government to cut spending for the second time in as many weeks. (This time: Americans for Prosperity.)

And for the second time in as many weeks, Rep. Michele Bachmann (R-Minn.) is scheduled to address that Tea Party get-together. 

WHAT ELSE TO WATCH FOR:

For you morning people among us: On the Money’s Erik Wasson will be answering questions on the 2012 budget situation on C-Span’s Washington Journal – at 7 a.m. sharp. 

CFPB changes: Long a target/punching bag for Republicans, the Consumer Financial Protection Bureau (CFPB) will once again be in GOP sights tomorrow, when a House Financial Services subcommittee is set to discuss several proposals to tweak the new agency created by Dodd-Frank. 

The most noteworthy bill on the agenda would put a bipartisan commission atop the CFPB, as opposed to a single director, which would ensure the GOP gets a voice in its decision-making. Other legislation on tap would make it easier for the CFPB’s rules to be overturned, and limit how much the CFPB could do in its current fledgling state.

Another subcommittee on that panel is slated to mark up a bill revamping the National Flood Insurance Program in the afternoon.

A taxing time: The Joint Committee on Taxation (JCT) is set to get down to work on Tuesday, hosting a roundtable discussion with a pair of heavyweights from the 1986 tax reform: James Baker, then Treasury secretary, and then-Rep. Dick Gephardt (D-Mo.). 

The JCT – headed up by Rep. Dave Camp (R-Mich.), the chairman of the House Ways and Means Committee, and Sen. Max Baucus (D-Mont.), the chairman of the Senate Finance Committee – comes together after a string of recent discussion on tax reform proposals on Capitol Hill. 

Banking chatter: A pair of Senate Banking subcommittees is getting into the hearing action tomorrow. The morning talk will explore what accountants can do to prevent another financial crisis. And the afternoon session will look into what issues are currently facing community banks, as they work to dig out from the financial crisis while meeting new obligations set by the Dodd-Frank financial reform law.

Think tank roundup: The Carnegie Endowment for International Peace is set to hold a Wednesday discussion on the causes and remedies for soaring worldwide food prices. 

Economic indicators:

The Mortgage Bankers Association releases its weekly index. 

BREAKING TUESDAY:

Really breaking: The Associated Press reported late Wednesday that the U.S. and Colombia are likely to announce Wednesday that they have finalized an agreement on a stalled trade pact. 

“Hot-rolled steel”: Ohio’s bipartisan pair of senators – Sherrod Brown, a Democrat, and Rob Portman, a Republican – joined with 10 other senators to express concern about whether hot-rolled steel imports from Brazil, Japan and Russia were threatening American jobs. 

The senators sent a letter to the International Trade Commission in advance of a Wednesday hearing over whether to continue relief against those three countries. 

Reverse ageism?: The New York Times’s David Leonhardt finds Paul Ryan’s budget proposal was far from bold in one way: It in large part exempts those over 55 from joining in the shared sacrifice – even though most people receive far more from Medicare than they pay in.

(Still, as Leonhardt also notes, Ryan is far from alone in taking that approach.)

WHAT YOU MIGHT HAVE MISSED:

On the Money’s Tuesday:

— Ryan reax: It takes on parts of Dodd-Frank …

— Erskine Bowles and Alan Simpson mix praise with criticism …

— Frank Lucas finds it all merely suggestive …

— While Jeff Sessions finds it A-O.K. 

— Fed: Economy’s on firmer footing.

— Senate sends 1099 repeal to the White House.

— Barney Frank’s on board with delaying Durbin amendment.

— Geithner says default would make last economic crisis look “modest”…

— And confirms administration is working on a corporate tax reform plan.

— The SEC wants to take on market volatility.

— Heather Higginbottom moves forward – barely.

— The White House breaks out a tax-cut calculator.

— And the service sector expands less than expected. 

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