OVERNIGHT MONEY: Sandy relief up in the House

The $60 billion price tag hasn’t sat well with many conservative groups that argue there is too much spending included in the bill that falls outside the area hit by Sandy. 

{mosads}The Club for Growth is calling on lawmakers to vote “no” in what it is counting as a key vote, saying “far too much of the funding goes toward superfluous programs that are not related to Hurricane Sandy relief.”

The Council for Citizens Against Government Waste has similar concerns, saying on Monday that lawmakers should reject the Frelinghuysen amendment.

WHAT ELSE TO WATCH FOR 

Private sector boost: A group of chief executives and business experts will discuss ways to bolster the private sector through government action at The Brookings Institution on Tuesday.

BREAKING NEWS

Raise the roof: President Obama demanded on Monday that Congress raise the nation’s $16.4 trillion debt ceiling, saying the country is “not a deadbeat nation.”

Obama said Congress should pay the bills that the government has already rung up, arguing it would be disastrous for the economy — which he said is showing signs of lifting off — to not raise the debt limit.

Default deadline: Treasury Secretary Timothy Geithner warned Congress on Monday that the United States could run into a default situation as early as mid-February.

Geithner said he is quickly running out of maneuvers to delay a default on the nation’s $16.4 trillion borrowing limit.

Scrap that: Federal Reserve Chairman Ben Bernanke on Monday said the debt ceiling has no value to the United States and should be scrapped. 

“It would be a good thing if we didn’t have it,” the Fed chairman said at the University of Michigan. 

LOOSE CHANGE

Taking steps: JPMorgan Chase has been ordered by federal regulators to correct risk-management issues that led to a $6 billion trade loss last year. 

The Federal Reserve and the U.S. Comptroller of the Currency issued two cease-and-desist orders against JPMorgan, requiring “ongoing enhancements” to its risk-management program and its finance and internal audit functions.

Federal regulators also will require the bank to shore up programs that allowed money laundering through the bank. 

The nation’s largest bank in terms of assets said it would improve its risk program and step up procedures to prevent money laundering. The bank won’t pay a fine. 

ECONOMIC INDICATORS

Retail Sales: The Commerce Department will release its December report measuring the total receipts of retail stores. Sales figures are widely followed as the most timely indicator of broad consumer spending patterns, which represent 70 of economic activity. 

Producer Price Index (PPI): The Labor Department will release its December report tracking the prices of goods at the wholesale level. The market tracks PPI closely because it represents prices for goods that are ready for sale to consumers.

Business Inventories: The Commerce Department will release its November report on sales and inventory from all three stages of the manufacturing process: manufacturing, wholesale and retail.

WHAT YOU MIGHT HAVE MISSED

— White House tells Paul Ryan it won’t meet budget deadline

— Advocacy group: Cliff deal a win for children

— Retailers outline preferences on tax reform

— Former chief of Financial Services Roundtable lands at PR firm

— Report: Obama officials issued $216 billion in regulations last year

— Credit unions express concerns about “buy-back” provisions

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