OVERNIGHT MONEY: Eyes on the president

WHAT ELSE TO WATCH FOR:

Speaking of which: A trio of Republican senators — Lindsey Graham of South Carolina, Mike Lee of Utah and Rand Paul of Kentucky — are scheduled to unveil legislation that would reform Social Security on Wednesday. According to news reports, the group has discussed installing means testing for the program and raising the retirement age, which currently stands at 67 for those born in 1960 and after. 

For their part, some Democrats have called for Social Security to be removed from the discussion over long-term deficits and made the case that it has not been a driver of the current fiscal situation. 

Financial crisis fallout: Sens. Carl Levin (D-Mich.) and Tom Coburn (R-Okla.) are set to unveil their own report on 2008’s financial crisis on Wednesday, one that represents two years’ worth of work from the Senate’s permanent subcommittee on investigations. (Expect details to roll out in the evening time.)

The last official government take on the financial crisis — the report from the Financial Crisis Inquiry Commission — ended up breaking down over party lines, so it will be interesting to see what sort of bipartisan consensus could emerge from this fresh take.

Economic tea leaves: The Federal Reserve will release the latest version of its “beige book” tomorrow afternoon, its semi-regular release detailing what Fed governors across the country are seeing and hearing from business contacts about the economy. 

Over the last few months, the Fed has struck a cautiously optimistic tone about the economic recovery, but with caveats about continued struggles in the housing market. We’ll be watching to see if the recent spike in fuel prices is having any major effects on the Fed’s point of view.

Hearing breakdown: With all that tax talk, the House Ways and Means Committee is scheduled to hold a Wednesday morning hearing on why any tax reform package should tackle the whole code. Rep. Dave Camp (R-Mich.), the committee’s chairman, has thrown his weight behind the idea of comprehensive tax reform, but the Obama administration appears more interested in the corporate code at this moment. 

Speaking of taxes, the House Small Business Committee is set to examine how the current code drags down — yup — small businesses. And, a day after looking at tax code ideas from around the globe, the Senate Finance Committee will shift to deficit reduction – which, of course, a fair number of economists say will require new sources of tax revenue. 

Economic indicators: The Commerce Department is set to drop a pair, on March retail sales and February manufacturing inventories. Retail sales are expected to have risen in March, despite rising gas prices, as the labor market improved during the past couple of months. 

BREAKING TUESDAY:

Are we done with 2011?: Funding, that is. And the answer’s not quite. With the measure to finance the government for the rest of the fiscal year not released until early, early Tuesday morning, the House is now set to take up the measure on Thursday. 

For their part, lawmakers on both sides of the aisle used part of their Tuesday to plant their flags on the issue. On the left, Sen. Bernie Sanders (I-Vt.) said he’d oppose the measure, while Rep. Jason Chaffetz (R-Utah) indicated he would do the same, albeit for very different reasons. 

Staying in the Beehive State, Sen. Orrin Hatch, a Republican, took to Twitter to ask for input on the matter. And Rand Paul has even left open the option of filibustering the measure, assuming it makes its way over from the House. All that said, Rep. Eric Cantor (R-Va.), the House majority leader, said the legislation would make its way through his chamber, and with strong GOP support.

Paging Elizabeth Warren: The White House is having some trouble finding that first head of the Consumer Financial Protection Bureau, The Wall Street Journal reports. Some of the names mentioned include former Democratic senators (Ted Kaufman of Delaware) and members of the Federal Reserve board (Sarah Bloom Raskin). And of course, the president could just decide to tap Elizabeth Warren, who is now working to get the bureau up and running and whose selection would almost certainly not be well-received on the right. 

WHAT YOU MIGHT HAVE MISSED:

On the Money’s Tuesday:

— Was something happening last week? The budget and economy returned to center-stage, news-wise.

— Former Treasury official: Talk of not raising debt ceiling plain “nuts.”

— About that: Rep. Steny Hoyer, unprompted, says voting against debt-limit hike was wrong.

— Fiscal 2011 spending bill allows for greater CFPB examinations.

— Rep. Chris Van Hollen: Look for the House Democrats’ 2012 budget tomorrow.

— Corporate-only tax reform would likely injure small businesses, Ernst & Young says.

— Democratic lawmakers take on the gender pay gap. 

— NAACP clarifies on Durbin amendment: We’re not opposed to implementation, but the Fed needs to review proposed rules…

— …But high-tech companies join the anti-Durbin crowd.

— Liberal think tank: Regulations don’t impede job creation, despite what the GOP says.

— Sens. Barbara Boxer and James Inhofe team up on a jobs measure.

— The trade deficit narrows, though less than expected.

— And it’s Tax Freedom Day!

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