OVERNIGHT MONEY: Supercommittee, Gang of Six join forces

Following that gaggle of budget-y gangs, an all-star panel of budget experts will speak at noon about how the supercommittee can meet or exceed its mandate. Former Clinton Budget Director Alice Rivlin; Charles Blahous, public trustee for Social Security and Medicare; Robert Reischauer, president of The Urban Institute; and Jason Fichtner, former deputy commissioner of Social Security, will speak at the Mercatus Center discussion.

WHAT ELSE TO WATCH FOR:

There’s no ‘fun’ in ETF: The Senate Banking Committee will be diving deep into financial markets with a subcommittee hearing devoted to exchange-traded funds (ETFs). Those funds, which are designed to track certain market sectors but can be traded like stocks, have grown in popularity in recent years. However, the question remains as to what type of regulatory scrutiny they should face. Officials from the Securities and Exchange Commission, NASDAQ and the investment world will be on hand to offer their take.

{mosads}Budget bills: The Senate Homeland Security panel will mark up several budget-related bills, including a measure that would have the budget office identify problematic agencies with a record of improper payments. Another measure would extend protections to workers in the nation’s spy agencies, while another bill grants the Government Accountability Office wider access to entitlement program records.

9! 9! 9! is Cain’s 4-1-1: How central has Herman Cain’s proposal to radically overhaul the tax code been to his rise in GOP presidential polls?

Well, according to the Pew Research Center, Americans’ most common one-word description of the former pizza executive is actually “9-9-9.” (For those who missed it, Cain’s platform includes installing a 9 percent income tax, a 9 percent corporate tax and a 9 percent national sales tax.

As a point of reference, Mormon was the most frequent description for Mitt Romney, while Texas topped the list for Rick Perry.

Getting nostalgic?: The Urban-Brookings Tax Policy Center holds a Wednesday discussion on the chances of repeating the successful 1986 overhaul of the tax code, with veteran perspective from that process. 

Home energy: Sens. Michael Bennet (D-Colo.) and Johnny Isakson (R-Ga.), the U.S. Chamber of Commerce’s counsel on environment and energy, Ross Eisenberg, and Philip Henderson, senior financial policy specialist at the Natural Resources Defense Council, will discuss a bill that would enable better mortgage underwriting, encourage investments in residential energy improvements and reduce energy bills.

PRESIDENTIAL DAYBOOK

President Obama wraps up his election-style three-day bus trip through North Carolina and Virginia on Wednesday before heading back to Washington, D.C.

He continued his criticism of Senate Republicans for blocking his jobs bill through two states he wants to keep blue in 2012. 

The president’s $447 billion jobs bill is being broken into pieces, although those parts are still coming together. The first piece, a $35 billion measure designed to keep first-responders in their jobs, is opposed by the GOP. 

Obama will meet up with first lady Michelle Obama for an event at the 94th Fighter Squadron Hangar in Eustis, Va., about the importance of hiring veterans. He’ll stop by a fire station in North Chesterfield before making a quick flight home on Air Force One. 

During a Tuesday stop at a high school in Skipwith, Va., he got quizzed on his friendship with pop star Justin Bieber. He’s “a very nice young man,” The Associated Press reported. 

VEEP WATCH

Vice President Biden will travel to Capitol Hill to lead a rally for the first piece of the “bite-sized” presidential jobs package. The $35 billion measure aimed at staving off teacher and firefighter layoffs is paid for by a 0.5 percent tax on millionaires, and is opposed by the GOP. 

Senate Democrats hope to move to the bill quickly but an 2012 spending bill covering the departments of Commerce, Justice, Transportation, Agriculture and Housing is hogging floor time. 

BREAKING TUESDAY

Raise you 3.5 percent: Social Security recipients are expected to get their first raise in three years in January — amounting to about 3.5 percent, The Associated Press reported. 

About 55 million beneficiaries will find out for sure Wednesday when a government inflation measure that determines the annual cost-of-living adjustment is released.

Quarterly losses: Goldman Sachs lost $428 million in the third quarter, driven by sharp drops in underwriting and trading revenue along with souring investments in stocks, bonds and other holdings, The Associated Press reported. 

EXTRAS

A penny for your letter: The troubled U.S. Postal Service announced Tuesday an increase in the price of first-class stamps, by 1 cent to 45 cents, in early 2012 — the first bump in more than 2.5 years. USPS is facing insolvency and Congress is weighing allowing the service to conduct massive layoffs and curtail services such as Saturday mail.

ECONOMIC INDICATORS

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

Housing Starts-Building Permits: The Commerce Department releases its report on the number of residential units under construction and building permits, which allow the work to start and are a forward-looking indicator. 

Consumer Price Index (CPI): The Labor Department releases its measure of the price level of a fixed market basket of goods and services purchased by consumers. CPI is the most widely cited inflation indicator, and it is used to calculate cost-of-living adjustments for government programs. 

Fed’s Beige Book: The Federal Reserve releases it summary on current economic conditions ahead of the Federal Open Market Committee’s next meeting, on Nov. 1-2. 

WHAT YOU MIGHT HAVE MISSED

— Sessions tries to move budget reform measure

— McCain amendment aims to cut funds for firms hurt by trade

— Then the Senate rejected his amendment.

— Regulators impose limits on oil speculation

— State AGs like Cordray for Consumer Bureau

— Bernanke: Financial crisis might have expanded Fed’s playbook for good

— GOP looks at international tax revamp

— GOP chides Geithner: ‘Rome is burning’

— Homebuilder confidence improves in October

— Obama set to sign trade agreements on Friday

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