OVERNIGHT MONEY: Obama swings into New Hampshire

The New England trip is scheduled a day after Obama met with congressional leaders from both parties — a get-together that, in something of a departure from the normal Washington gridlock, both sides described as constructive and productive.

House Speaker John Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.) said the meeting had underscored that the two parties could find common ground on areas like economic development and energy.

{mosads}Boehner specifically pointed to the White House’s recent support of the House’s newly packaged small-business proposals, and the president’s backing of an “all of the above” energy policy.

Following the New Hampshire visit, Obama is scheduled to drop by New York for four separate fundraisers. According to CBS News’s Mark Knoller, that will make an even 100 money-raising events for the president since he formally announced he was running for a second term last April.

WHAT ELSE TO WATCH FOR

Bernanke’s back: Federal Reserve Chairman Ben Bernanke just can’t get enough of Congress, and will be back tomorrow for a second helping of testimony. This time, Bernanke will take his show to the Senate, where he will appear before the Banking Committee to deliver his semiannual report on monetary policy and the economy.

Wednesday in the House, Bernanke fielded a slew of questions from lawmakers on the economy, the deficit, Europe, student loans and a host of other issues. While Bernanke won’t have to deal with Fed basher Numero Uno Ron Paul (R-Texas) tomorrow, he’ll still face a series of probing questions from members of the upper chamber.

The issue of high gas prices could resurface, as well. 

Bernanke told the House Financial Services Committee on Wednesday that market fears stemming from supply disruptions in Iran are the main cause of high gas prices.

“So I think the best thing we could do would be to resolve that situation, but obviously that’s well beyond my capacity or probably anyone’s capacity,” Bernanke said, referring to the threats by Iran to cut off the Strait of Hormuz, a strategic oil route. 

That doesn’t add up: China currency is expected to take a front seat during a House Ways and Means Committee executive session on Thursday with U.S. Trade Representative Ron Kirk, Commerce Secretary John Bryson and Treasury Secretary Timothy Geithner. 

Lawmakers have repeatedly expressed frustration that China’s currency is undervalued and that the Communist nation isn’t taking fast enough steps to change its policy. 

Kirk told the panel during testimony on Wednesday that he would provide greater detail on the Obama administration’s trade agenda for this year, which includes granting permanent normal trade relations with Russia, completing an Asia-Pacific trade deal and implementing three free-trade agreements with Colombia, Panama and South Korea passed by Congress in October. The U.S.-Korea deal goes into effect on March 15. 

Busy Biden: Vice President Biden is on the road to delivers remarks on manufacturing and innovation at Iowa State University on Wednesday as part of the White House’s push to reinvigorate the sector along with the broader economy. 

More talks with Japan: Under Secretary of Commerce for International Trade Francisco Sánchez heads to Japan on Wednesday for a weeklong trip to Asia to promote U.S. exports and strengthen economic ties across the Pacific. Sánchez will meet with public and private sector representatives in order to promote U.S. business opportunities throughout the region. Sánchez will be in Tokyo from March 1-3, where he will deliver a speech to the Asia-Pacific Council of American Chambers of Commerce U.S.-Asia Business Summit. The two-day summit will cover the main issues facing American business in the Asia-Pacific region and is expected to attract more than 300 senior leaders from business and government, including ambassadors from around the region. While in Tokyo, Sánchez will also participate in a series of bilateral meetings with his Japanese counterparts.

Japan, the world’s third-largest economy, is seeking to join nine-nation talks on the Trans-Pacific Partnership currently under negotiations, which are continuing in Melbourne, Australia, starting Thursday. Sánchez will conclude his visit to Asia in Hanoi, Vietnam, on March 7.

March budget madness: The Cabinet agency invasion of Capitol Hill to discuss Obama’s 2013 budget slows but does not stop.

Health and Human Services Secretary Kathleen Sebelius testifies at the House Energy and Commerce Committee, Energy Secretary Steven Chu testifies at the House Science, Space and Technology Committee, while Shaun Donovan, secretary at the Housing and Urban Development Department, will testify before the House Appropriations subcommittee on Transportation, Housing and Urban Development.

Meanwhile, Dan Ashe, director of the Fish and Wildlife Service, appears at House Appropriations subcommittee on Interior and Environment; Robert Hale, Defense comptroller, chats with the House Appropriations subcommittee on Military Construction; David Kappos, director of the U.S. Patent and Trademark Office, talks with the House Appropriations subcommittee on Commerce, Justice and Science; and Secretary of the Navy Ray Mabus testifies at the House Appropriations subcommittee on Defense.

Talking taxes: The Senate Budget Committee will discuss various tax reform proposals with a bevy of think-tankers. Leonard Burman, professor of public affairs at the Maxwell School of Syracuse University; Diane Lim Rogers, chief economist at the Concord Coalition; and Daniel Mitchell, senior fellow at the Cato Institute, all are set to testify at the hearing.

LOOSE CHANGE

It’a a damn shave: Controversy is afoot (or a-lip?) over whether Rep. Roscoe Bartlett (R-Md.) supports tax credits for the nation’s mustachioed. The American Mustache Institute announced Tuesday that Bartlett, who has a mustache, has aligned himself with their cause, which is to get up to $250 in tax deductions for those with hairy upper lips. But Bartlett’s office walked back that claim Wednesday, telling The Huffington Post that Bartlett’s staff, without his knowledge, had merely referred their bill to the House Ways and Means Committee, given that it is a tax bill. Referring the bill did not mean he supported it.

“For the record: Roscoe is pro-stache, but he does not believe Americans should pay for people’s personal grooming decisions,” Bartlett’s chief of staff, Deborah Burrell, said in a statement.

Bartlett actually got some heat for his purported support of the bill, as primary challenger Kate Azfali said his backing proved he was out of touch.

Despite the setback, the American Mustache Institute is keeping a stiff upper lip about it.

“We are highly disappointed by their reversal based on the fact that the congressman’s opponents in the race are jumping on the bandwagon to criticize him,” AMI Chairman Aaron Perlut said. “They obviously don’t understand what it is to be a mustached American.”

BREAKING WEDNESDAY

Well, that’s better: The nation’s economy grew at a quicker rate at the end of 2011 than initially thought. The Commerce Department slightly upgraded gross domestic product (GDP) growth in its second estimate of the figure, saying the economy grew 3 percent after offering an initial estimate in January of 2.8 percent growth in the final quarter of 2011.

The revision depicts an economy that seems to be gaining steam, following just 1.8 percent growth in the third quarter. The economy grew 1.7 percent overall during 2011. The new report marks the latest in a series of strong economic reports.

Flying high: The World Trade Organization Appellate Body on Wednesday issued a confidential decision on U.S. subsidies to Boeing. The ruling will not be made public for at least a week, sources said. A lower panel has already found that Boeing improperly benefited from NASA and Defense contracts and state tax breaks. The European Union expects the Appellate Ruling to bring the United States to the negotiating table to settle the case and a separate case against EU member state launch aid loans for Airbus.

ECONOMIC INDICATORS

Initial Claims: The Department of Labor releases its weekly filings for jobless benefits. Claims have been reflecting a strengthening job market in recent weeks. The unemployment rate dropped to 8.3 percent last month. 

ISM Index: The index measures the pace of growth of the manufacturing sector, which has been lending a consistent boost to the economic recovery. 

Construction Spending: The Commerce Department releases its report on spending that is broken down between residential, non-residential and public expenditures on new construction. The monthly changes are volatile and subject to huge revisions, and rarely effect the markets.  

Personal income: The Commerce Department releases figures on personal income, which measures income from all sources. The largest component of total income is wages and salaries, a figure that can be estimated using payrolls and earnings data from the employment report. Beyond that, there are many other categories of income, including rental income, government subsidy payments, interest income and dividend income. Personal income is a decent indicator of future consumer demand, but it is not a perfect gauge. 

WHAT YOU MIGHT HAVE MISSED

— Rogers rips EPA chief over coal permits

— Appropriator says Obama budget puts border at risk

— Legislation would allow Commerce to impose countervailing duties

— But The Club for Growth is urging lawmakers to oppose the countervailing duties bill

— Meanwhile, USTR Ron Kirk said it’s up to Japan to be ready to join Asia-Pacific trade talks 

— And the White House will ask Congress for fast-track authority this year

— Dem senator claims Facebook is using loophole to avoid taxes

— Nadler urges DeMarco to consider principal reductions

— New Iran sanctions go into effect; Obama administration touts efforts

— Audit: IRS dropped the ball on oversight of homebuyer credit

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