By MICHAEL FALCONE

NOTABLES

• THE CLOCK IS TICKING but so far there doesn't seem to be a clear plan to send President Obama a bill before a lapse in funding occurs at the Department of Homeland Security, ABC's JOHN PARKINSON and ARLETTE SAENZ report. Senate Majority Leader Mitch McConnell offered a plan yesterday to vote on a clean funding bill and hold a separate vote on a measure to stop the president's executive actions on immigration. If House Speaker John Boehner agrees to the plan, he will have to sell it to his conference with only three full days left before the DHS shuts down. But there are many Republicans in Congress who will only vote for a funding bill if it is linked with immigration. House Republicans will huddle this morning to discuss the course ahead. http://abcn.ws/1MPmgoK

• CRUZ SPEAKS: Yesterday, Sen. Ted Cruz, R-Texas, who prompted the government shutdown in 2013, called separating funding from immigration a "mistake." Bottom line: At this point, there's a good chance the issue isn't resolved before DHS funding expires at the end of Friday.

• OBAMA HITS THE ROAD: President takes his immigration message on the road today, using his bully pulpit to frame the debate and tout his executive actions, ABC's MARY BRUCE reports. The president holds a town hall meeting at Florida International University this afternoon. He is expected to answer questions during the discussion about the significance of the Texas ruling and "next steps in the legal process," according to White House Press Secretary Josh Earnest. Before leaving for Miami, the president meets privately at the White House with immigration advocates and is expected to update them on his plan to move forward with his immigration reforms, despite the obvious hurdles in Congress and the courts.

• MEANWHILE, IN IOWA: A new Quinnipiac University poll out this morning surveying early likely Iowa GOP caucus-goers shows Wisconsin Gov. Scott Walker leading with 25 percent, twice as high as his nearest rival, ABC's SHUSHANNAH WALSHE notes. Second place is a closer race with13 percent for Sen. Rand Paul, 11 percent each for Dr. Ben Carson and former Arkansas Gov. Mike Huckabee and 10 percent for former Florida Gov. Jeb Bush. No other candidate is above 5 percent and the poll shows 9 percent are undecided. It's equally as interesting to look at the potential candidates' favorability scores. Christie and Bush also are lowest in favorability, with mixed or negative scores. The survey shows 41 - 40 percent favorable for Bush; 30 - 54 percent favorable for Christie; and 57 - 7 percent favorable for Walker. FULL POLL: http://bit.ly/1zeNlax

SNEAK PEEK:

EXCLUSIVE: TEXAS GOVERNOR DEFENDS LAWSUIT THAT KEEPS 5 MILLION UNDOCUMENTED IMMIGRANTS IN SHADOWS. In an exclusive interview with ABC's JIM AVILA in the ornate Texas Governor's Mansion in Austin, Gov. Greg Abbott, a Republican, said the "rule of law" trumps "compassion" for taxpaying, non-criminal undocumented immigrants whose pathway to legal status was blocked by a lawsuit filed in federal court by the Texas Chief Executive. Abbott admitted he has no solution for what to do with the 11 million undocumented living and working in the United States today, saying that's not his responsibility - it's the president's. But Abbott claims the Executive Action President Obama took to allow more undocumented brought to the US as children and parents of US citizens to remain in the US without fear of deportation oversteps his authority.

The federal lawsuit struck down the President's immigration Executive Action as unconstitutional and is being appealed by the Obama Administration. A study this week by a pro-immigration reform group put the cost of deporting 11 million undocumented at $50 billion. Gov. Abbott told ABC more should be spent on border security, even though the Department of Homeland Security says fewer immigrants are crossing America's southern frontier than they have since the 1970's. And when asked what he would do about those already here working in secret, Abbott said that's not his concern. Undocumented families interviewed by ABC news said they want the governor to know the issue is not about a "political battle" with the President, it's about their lives. MORE ON ABCNEWS.COM TODAY.

THE ROUNDTABLE

ABC's RICK KLEIN: In offering just a glimpse of her economic messaging, Hillary Clinton made clear that a certain senator she met with not long ago is shaping her thinking for 2016. "We have to restore economic growth with rising wages for the vast majority of Americans," Clinton said Tuesday, "and we have to restore trust and cooperation within our political system so that we can act like the great country we are." That's right - "restore," as opposed to "reaffirm," or "build on." That's how you campaign more like Elizabeth Warren than Barack Obama, or Joe Biden. Her lines about gender equity and women's opportunity were to be expected given the venue, speaking to a group of female leaders in California, and she said similar things back in 2007-2008. But when she talks of the need to "find our balance again" and "make this economy work for everyone," she sure sounds like she's looking for a place in the "Warren Wing" of the Democratic Party.

ABC's SHUSHANNAH WALSHE: New Jersey Gov. Chris Christie gave his annual budget address yesterday and announced a detente of sorts with one of his fiercest enemies, the New Jersey Education Association-one of the state's largest unions-in order to reduce pension and health care costs, and limit benefits in order to fix the state's fiscal problems. Christie said all the details still need to be worked out (something the union agreed with when they said no deal had been reached yet), but the big announcement came just one day after a judge ruled Christie needed to find a way to make $1.57 billion in pension payments he skipped last year, a huge blow to the possible 2016 presidential candidate. It also threatened to undercut his speech-and it's message of bipartisanship-before he even gave it. He acknowledged the ruling saying in his speech, "The numbers do not lie and let me tell you this, we don't need any court to tell us we have a serious problem." He called the effort a "bipartisan reform plan" and cast the state's pension problem in a national light saying many other states were grappling with similar problems, but "we can bring people together and set a national trend. By putting forward new solutions to age old problems like this, we are creating a national model." It's a message he hopes can help him on the 2016 campaign trail as he tries not to get bogged down by other home state problems and slipping poll numbers.

ABOUT LAST NIGHT: BIDEN'S BEST ONE LINERS. Vice President Joe Biden held a Black History Month event at his residence last night, but he also fit in some stand-up comedy. He said he was late to the event because he was waiting for members of Congress, joking, "I've been waiting for Congress all my life." Department of Homeland Security Secretary Jeh Johnson was in attendance and Biden also poked fun at the looming possibility of a DHS shutdown "Be good to Jeh, Jeh may need some help because he may lose his pay," Biden joked. "Congress is, you know, shutting down. I don't know Jeh, man, I'd think you had a little more whack than that." After complimenting Washington, DC Mayor Muriel Bowser, who was at the event, and her ability to "get things done" Biden jabbed at the cost of living in the city, ABC's STEPHANIE EBBS notes. "The only good thing is I don't have to pay taxes in the district," he joked. The mayor shouted back "not yet!" "This is a hell of a piece of property here guys! … 78 acres in this place. The president-we had he and Michelle out here a couple of times-and the first time he said 'Joe, what's the deal here? We should trade where we're living. You actually have some privacy here!' And I said 'Not a problem as long as the power goes with the house!'…and, by the way, if I ever ran for president, I'd turn this into the White House."

THE BUZZ

with ABC's VERONICA STRACQUALURSI

WHY PRESIDENT OBAMA VETOED KEYSTONE. President Obama vetoed the Keystone XL Pipeline bill yesterday. In a statement sent to the Senate, Obama explained why. "The Presidential power to veto legislation is one I take seriously. But I also take seriously my responsibility to the American people," Obama's statement read. "And because this act of Congress conflicts with established executive branch procedures and cuts short thorough consideration of issues that could bear on our national interest - including our security, safety, and environment - it has earned my veto."

NFL TEAMS MUST TACKLE SEXUAL ASSAULTS OR LOSE DRAFT PICKS, LAWMAKERS SAY. If NFL teams don't tackle the issue of domestic violence and sexual assaults, their draft picks may be in jeopardy. In a letter sent to National Football League Commissioner Roger Goodell Tuesday, Rep. Jackie Speier, D-California, and Sen. Brian Schatz, D-Hawaii, called for the NFL to begin taking away draft picks from teams that do not properly address the issue, according to ABC's A.J. FEATHER. "The NFL has previously penalized teams by removing draft picks for other infractions," the lawmakers wrote. "We support this potential disciplinary action as a significant indication that the NFL takes these issues very seriously and intends to hold teams responsible for allowing cultures of violence and abuse." http://abcn.ws/1D8nXph

'COLD WAR ON A SHEET OF ICE': POLITICAL LEGACY OF 'MIRACLE ON ICE' HOCKEY WIN. Thirty-five years of hindsight provide fresh perspective on the "Miracle on Ice," the improbable 1980 victory by a group of U.S. college hockey players over the powerful Soviet team in the Lake Placid Winter Olympic Games. The New York games were played at the dawn of a decade defined by the Cold War and its end. World events from Afghanistan through Iran served as a backdrop for the shocking result, and Olympic boycotts in 1980 and 1984 would later bring even greater political implications into international sporting events. On the latest episode the ESPN-ABC podcast "Capital Games" with ABC'S RICK KLEIN, we hear from some of the key players in that drama. You can listen to the episode HERE on desktop and HERE on mobile. http://abcn.ws/1DRy3Pb

MCCONNELL SUPPORTS KENTUCKY RULE CHANGE TO ALLOW RAND PAUL TO RUN FOR TWO OFFICES. Senate Majority Leader Mitch McConnell now supports fellow Kentucky senator, Rand Paul, and his push to change Kentucky law to allow him to run for the presidency and re-election to the U.S. Senate at the same time. Paul met with McConnell, who was initially skeptical of the plan, in Washington, D.C. Monday to discuss the issue, according to ABC's JEFF ZELENY and ARLETTE SAENZ. "Senator McConnell's initial reaction to the caucus proposal could best be described as respectful skepticism, but after a lengthy discussion of the details with Senator Paul he has become convinced that switching from a primary to a caucus is worth his support," McConnell's Kentucky chief of staff Brian McGuire, said in a statement. "Not only would it be helpful to the Senator's presidential campaign but, as a one-time event paid for with funds that he'd raise, would do no damage to the state party or interfere with this year's state races." Being on the ballot twice in Kentucky is illegal, but standard in many other states.

NETANYAHU DECLINES CLOSED DOOR MEETING WITH SENATE DEMOCRATS. In a letter to Democratic Sens. Dick Durbin and Dianne Feinstein Tuesday, Israeli Prime Minister Benjamin Netanyahu declined the invitation to meet privately with Senate Democrats. Durbin and Feinstein had written to the prime minister Monday night inviting him to privately address Senate Democrats during his U.S. visit in March. "Though I greatly appreciate your kind invitation to meet with Democratic Senators, I believe doing so at this time could compound the misperception of partisanship regarding my upcoming visit," Netanyahu wrote. Netanyahu said he regrets that the invitation to address a joint session of Congress "has been perceived by some to be political or partisan," ABC's ARLETTE SAENZ reports. Many Democratic lawmakers are planning on boycotting Netanyahu's address to Congress.

THAT TIME HARRY REID WORE DARK SUNGLASSES TO A NEWS CONFERENCE. Sen. Harry Reid sported some new, hip eyewear on Capitol Hill weeks after an exercising injury that might ultimately cost him vision in his right eye. Reid started out the day on the Senate floor with a giant bandage across his right eye, a staple since he had an accident while exercising earlier this year. But at a news conference Tuesday urging Republicans to pass funding for the Department of Homeland Security, the bandage was gone and instead Reid donned a pair of dark sunglasses, ABC's ARLETTE SAENZ notes. http://abcn.ws/17vi2Sv

IN THE NOTE'S INBOX

CARLY FIORINA SUPPORTERS LAUNCHED A SUPER PAC called "Carly for America" last night with some known conservative names behind it.

WHAT WE'RE WATCHING

RICK SCOTT ON 'FRUSTRATING' #FANGATE AND JEB BUSH'S 2016 PROSPECTS. It was one of the most unforgettable debate moments of 2014. Former Florida Gov. Charlie Crist took his place on stage for a televised debate against Gov. Rick Scott. And for the first seven minutes of the live debate, Crist was the only candidate on the stage - accompanied only by a small electric fan whirling cool air behind his podium. In an interview with "Top Line," Scott revealed what was going through his mind during the "fangate" incident - and said he was told the debate was being held up by Crist. "It was pretty frustrating," the recently reelected Republican governor told ABC's RICK KLEIN and Yahoo! News' JON WARD, explaining that he was in a trailer away from the main building when his Democratic challenger took the stage at the debate's start. "We were told he was not going to come out." http://yhoo.it/1ArhGaS

WHO'S TWEETING?

@BobCusack: With only a couple days until deadline, chances of a DHS shutdown are increasing, not decreasing.

@mkraju: Cornyn said that fighting Obama in the courts is the "superior" way to go - not through funding process. http://www.politico.com/story/2015/02/gop-lawmakers-homeland-security-shutdown-115478.html …

@cbellantoni: Congress gives DC voters the middle finger: http://blogs.rollcall.com/hill-blotter/marijuana-dc-legalization-congress-investigating/ …

@russellberman: After 24 yrs at NORML, Allen St. Pierre says he'll seed his 1st legal marijuana plant at 12:01 Thurs in his DC home http://www.theatlantic.com/politics/archive/2015/02/where-you-can-legally-light-a-joint-in-the-nations-capital/385973/ …

@bterris: Whoops… Looks like the CPAC mobile app has confused @SenatorTimScott for @RealBenCarson pic.twitter.com/bevHJRzx0g