OVERNIGHT MONEY: Trade deals teed up in the House

Colombia lost its Trade Promotion Authority (TPA) protections in 2008 when then-Speaker Nancy Pelosi (D-Calif.) blocked the deal after the Bush administration submitted it to Congress for a vote without her consent.

Considering the sense of urgency from many Republicans — many Democrats oppose the trade deals, especially the Colombia agreement — the pacts should sail through committee on Wednesday. 

WHAT ELSE TO WATCH FOR:

Systemic risk: Sen. Jack Reed (D-R.I.) will join academic and regulatory heavy-hitters at a conference held by a handful of the nation’s business schools to discuss the Dodd-Frank financial regulatory law. Specifically, participants will look at how data play a role in determining systemic risk, such as the “too big to fail” conundrum.

{mosads}Market markup: The House Financial Services Committee plans to move on a handful of bills intended to give small businesses easier access to capital. With “jobs” being the magic word all across Capitol Hill of late, House Republicans will look to move the five bills out of the subcommittee. Several of the bills are aimed at relieving smaller businesses from having to meet certain regulations when searching for financing.

Deficit debate: A Senate Banking subcommittee will be talking deficit as it hears from experts on exactly what the government’s bad budgeting means in the real economic world. Among the witnesses slated to testify is former Congressional Budget Office Director Douglas Holtz-Eakin.

Tweet session: House Democratic Whip Steny Hoyer (D-Md.) and the Democratic Caucus New Media Working Group will hold a Twitter town hall at 4 p.m. to discuss Democrats’ plans to create jobs. Those interested can follow at www.Dems.gov/TwitterTownHall and submit a jobs-related question by tagging tweets with #AskDems, or emailing them to AskDems@mail.house.gov.

More budgeting: The House Energy and Commerce panel will take a closer look at the administration’s budget savings process. Clinton Brass, analyst in government organization and management at the Congressional Research Service; Thomas Schatz, president of Citizens Against Government Waste; Patrick Knudsen, senior fellow in federal budgetary affairs at the Heritage Foundation; and Andrew Moylan, vice president of government affairs for the National Taxpayers Union, among others., will testify.

BREAKING NEWS FOR TUESDAY: 

Making a case: Federal Reserve Chairman Ben Bernanke didn’t hold back his opinion that Congress needs to take action to help the economy, The Hill’s Peter Schroeder reports. Bernanke said the economic recovery was “close to faltering,” and told lawmakers they cannot “safely or responsibly” delay making “difficult and fundamental fiscal choices.”

Teamwork: House Appropriations Chairman Hal Rogers (R-Ky.) and Senate Appropriations Chairman Daniel Inouye (D-Hawaii) are trying to work together on spending bills for fiscal 2012. The chatted by phone Tuesday and appeared to be moving closer to an agreement on a framework for the process, The Hill’s Erik Wasson reports.  

CR cleared: The House wrapped up the first stage of the spending debate as the chamber easily approved a stopgap bill funding the federal government through Nov. 18, and sent it to President Obama for his signature, The Hill’s Pete Kasperowicz reports. 

Tug-o-jobs: Senate Minority Leader Mitch McConnell (R-Ky.) attempted call up President Obama’s jobs plan for an immediate vote in the upper chamber, but Senate Majority Leader Harry Reid (D-Nev.), who supports the legislation, blocked the vote, The Hill’s Josiah Ryan reports. 

{mossecondads}Go big, please: House Democratic Whip Steny Hoyer (D-Md.) said again Tuesday that a $4 trillion deficit-reduction deal remains possible this year despite the mounting barriers against it, The Hill’s Mike Lillis reports. 

Arrividerci A2: For the first time in some 18 years, Moody’s has slashed Italy’s credit rating — down three levels, in fact. Moody’s move, Bloomberg reports, comes as Italy’s debt is roughly 120 percent of its gross domestic product and as the country is working to put a $72 billion austerity plan into place. The downgrade also comes just a couple of weeks after Standard & Poor’s also lowered Italy’s credit rating.

Economic indicators:

• MBA Mortgage Index: The Mortgage Bankers Association releases its weekly report on mortgage application volume.

• ISM Services: The ISM non-manufacturing index, which accounts for about 90 percent of the economy, covers industries ranging from utilities and retailing to healthcare and finance. 

• ADP Employment Change: The group measures private-sector employment for the last month. 

• Challenger Job Cuts: A measure of how many jobs cuts are planned by U.S. employers last month. 

WHAT YOU MIGHT HAVE MISSED:

• Warren Buffett says he will release his tax return if Rupert Murdoch does

• Liberal group opposes corporate tax holiday

• Bill aims to boost tourism, jolt U.S. economy

• Norquist: GOP lawmaker’s criticism ‘beneath him’

• Durbin keeps up pressure on banks to explain fees

• Business group urges supercommittee to remember small businesses

• Conrad, Sessions vow to work together for two-year budgeting

• Boehner: Senate’s China currency bill a ‘dangerous’ move

• Report: Federal housing regulator was lax on foreclosure abuses

• CBO: A third of 2012 deficit cyclical

For tips and feedback please email vneedham@digital-staging.thehill.com.