OVERNIGHT MONEY: Tray tables up

Perhaps a sign of the trip’s importance: Treasury Secretary Timothy Geithner, Commerce Secretary Gary Locke and Energy Secretary Steven Chu are all scheduled to take part, as are Ron Kirk, the U.S. trade representative; Lisa Jackson, the EPA administrator; and Fred Hochberg, the head of the U.S. Export-Import Bank. 

WHAT ELSE TO WATCH FOR:

Speaking of trade: That will the topic of discussion among top Capitol Hill attorneys tomorrow, as the Washington International Trade Association hosts a panel discussion that will almost certainly touch on trade pacts with Colombia and Panama. Top international trade counsel from both the majority and minority of the House Ways and Means Committee and the Senate Finance Committee will be on hand, just days after Senate Republicans upped the pressure on the Obama administration by threatening to block any White House picks to replace Locke unless the Colombia and Panama deals get submitted to Congress. (Locke, of course, has his eyes on Beijing, after being nominated to be the administration’s new ambassador to China.)

Let’s go budgeting: On Friday, the Congressional Budget Office will release its analysis of President Obama’s 2012 budget request. That document is expected to show less deficit reduction than the administration claimed the budget achieves, in part because CBO uses different methodologies. 

Even so, expect instant rhetoric over this document. As Congress heads out of town, Rep. Paul Ryan (R-Wis.), the House Budget Committee chairman, and aides will work through the following week on policy options for the House budget resolution — which Ryan hopes to present to committee members, and ultimately the Republican conference, late in March.  

House Budget staff says the resolution will “not be silent” on Medicare, Medicaid and Social Security. Still, it remains to be seen exactly how bold the GOP proposals will be. 

BREAKING THURSDAY:

Three more weeks!: As our friends at the Floor Action blog noted, the Senate on Thursday overwhelmingly passed a three-week spending measure, two days after the bill made it through the House. The move averts a government shutdown Saturday, but it is unclear what the next move will be.

For their part, House Republicans are urging Senate Democrats to pass a bill of their own as a counteroffer to the $61 billion in cuts they passed last month. But to do that, Senate Democrats would need at least some Republican votes to overcome a filibuster.

This Senate stalemate might mean the final deal is worked out between the White House and the House, but so far the administration continues to try to remain above the fray.

“The President is optimistic that Congress can get this done,” White House spokesman Jay Carney said after the short-term measure passed Thursday.

Another crack: A bipartisan pair of House Ways and Means members — Reps. Geoff Davis (R-Ky.) and Jim McDermott (D-Wash.) — are introducing legislation that would give states wider latitude to test alternative child-welfare policies. The bill mirrors a measure that the House unanimously passed last year, but died in the Senate. 

Stay on your toes, Shaun Donovan: Sen. Rand Paul (R-Ky.), just days after offering $200 billion in spending cuts for this year, has offered a five-year budget plan that does away with four Cabinet departments: Commerce, Education, Energy and Housing and Urban Development. 

The roughly 65-page document also calls for the repeal of the healthcare overhaul. Paul was joined by Sens. Jim DeMint (R-S.C.) and Mike Lee (R-Utah) as he unveiled his plan. 

Whamming WaMu: The Federal Deposit Insurance Corporation on Thursday filed a complaint against three higher-ups at Washington Mutual whose irresponsibility, they say, led to the collapse of the failed bank, The New York Times reports. 

WHAT YOU MIGHT HAVE MISSED:

On the Money’s Thursday:

• Paul Ryan: Entitlement reform might be a political trap, but GOP should do it anyway.
• Poll finds Americans believe Social Security on the road to trouble, but don’t particularly like potential solutions. 
• Eric Cantor, Tom Coburn and Steny Hoyer team up to take on government waste.
• GAO finds administration housing relief programs somewhat lacking. 
• Barney Frank turns to Wall Street to bankroll housing relief programs.
• Geithner turns to Illinois for the first head of a new office created by Dodd-Frank. 
• Senate GOP leaders want the whole conference behind a balanced budget amendment. 
• Dave Camp envisions 25 percent tax rates for individuals and corporations. 
• Jeff Sessions uses a nomination hearing to hit at the president’s budget. 
• Jeb Hensarling takes aim at Freddie and Fannie, hoping the third time’s the charm. 
• Initial jobless claims head back down.
  
• But the consumer price index had its highest monthly increase since 2009.