OVERNIGHT MONEY: As the Capitol turns

WHAT ELSE TO WATCH FOR:

The BBA: As it stands — and who knows, given the roller coaster that is Capitol Hill these days — the House is set to vote on a pair of balanced-budget amendments tomorrow.

Both amendments would require a three-fifths vote of both chambers to raise the debt ceiling and partake in deficit spending. But the stricter measure — the one linked to the House “cut, cap and balance” plan — would also limit spending to 18 percent of gross domestic product, unless two-thirds of both houses say otherwise, and require any revenue-raising measure to get a two-thirds vote as well.

House Republicans are bringing up the second measure, which is similar to a BBA that passed the chamber in 1995, to see if they can conceivably attract more Democratic votes.

Of the 72 House Democrats who voted for the 1995 measures, 11 are still House Democrats, including the party’s No. 2 and No. 3 positions in the chamber — Reps. Steny Hoyer of Maryland and James Clyburn of South Carolina. (OK, OK, the other 9: Reps. Rob Andrews (N.J.), Jerry Costello (Ill.), Peter DeFazio (Ore.), Mike Doyle (Pa.), Marcy Kaptur (Ohio), Jim Moran (Va.), Frank Pallone (N.J.), Collin Peterson (Minn.) and Peter Visclosky (Ind.).)

DeFazio told The Hill’s Mike Lillis on Thursday that he would vote for the less restrictive BBA, and Peterson is one of the 10 roughly Democratic co-sponsors for the measure. Hoyer has said he would not vote for the amendment this time around.

For what it’s worth, the Center on Budget and Policy Priorities has outlined some of the liberal objections to the amendments, including that not allowing deficit spending would deepen recessions and that debt-ceiling votes have already proven to be high-wire acts as simple majority votes.

How gross is the domestic product?: Shockingly, the nation’s economy has not come to a standstill during the debt-limit debate — and tomorrow morning, the government will offer up some fresh data on how it’s chugging along.

Furthermore, on the heels of a pair of disappointing jobs reports, markets and policymakers might actually pry their attention away from the debt-limit battle for a few seconds to weigh the new numbers out early in the a.m.

Financial markets did get a taste of good news Thursday morning, when initial jobless claims dropped more than expected and fell below the 400,000 mark for the first time in roughly three months. Friday’s GDP report will mark the government’s first crack at estimating the nation’s economic growth for this year’s second quarter, and will come after a paltry 1.9 percent growth in the first quarter.

(Other) economic indicators:

— The Census Department is slated to release housing vacancies for the second quarter.

BREAKING THURSDAY:

Panning the payroll (tax): The White House might be all about extending the payroll tax cut for another year, as it continues to search for ways to stimulate the economy. But congressional Democrats are split on the idea, and a left-leaning advocacy group doesn’t seem to be a fan either.

The Economic Policy Institute, in a study released Thursday, said that a targeted tax rebate would be more stimulative because it would put more money into the pockets of the low- and middle-income workers who are more likely to spend their income.

We got this: Credit Suisse’s chief executive told Bloomberg that the bank was working hard to resolve a U.S. criminal tax investigation.

Will the pledge hold?: In fact, Grover Norquist’s anti-tax pledge might not, Bloomberg Businessweek reports, and could instead fall victim to the country’s deep deficits.

WHAT YOU MIGHT HAVE MISSED:

On the Money’s Thursday:

— Bondholders would reportedly get first dibs in a contingency plan.

— Pat Toomey (sort of) welcomes Timothy Geithner to the prioritization party.

— Richard Cordray, the president’s choice at CFPB, gets his hearing.

— Wall Street tells Washington to just get a deal.

— Ron Wyden, Dan Coats set the stage for tax reform.

— Mark Warner wants the Gang of Six linked with the debt ceiling.

— Lawmakers get behind an IRS effort to regulate tax preparers, with some caveats.

— And Gallup finds Obama with the most support in the debate.

Feedback, etc. to bbecker@digital-release.thehill.com