The Note: Comey goes under the microscope

— -- WHAT YOU NEED TO KNOW TODAY

THE TAKE with ABC News' Rick Klein

Even in the black-or-white, red-or-blue worlds of present-day politics, several things can be true at once about James Comey's testimony. The conduct Comey ascribes to President Trump may be both technically legal and wholly inappropriate. Trump's request for loyalty and push for the "cloud" to be lifted are far from normal and are potentially alarming. Yet that doesn't mean Comey acted perfectly, with his pledge of "honest loyalty" and the now-famous three assurances that Trump himself was not under investigation. Comey's prepared testimony gives Trump a window for an out, an opportunity to say he did nothing wrong, and simply wanted that word out so he could focus on governing. But Comey has not yet begun to talk: By having his testimony out for all to digest a day early, senators can sharpen their questions and start to pick at some of the more intriguing threads in the timeline he laid out. White House allies are split on how much to either attack or embrace Comey's testimony. Remember: Comey, who's been called a "nut job" by the president and been accused of "atrocities" by a White House spokesperson, is a savvy pro in the hot seat. He can lift clouds but he can also unleash new kinds of weather patterns on the president.

WHAT ABOUT BOB?

This morning, Comey's prepared remarks are like a political Rorschach test, with shapes defined by party lines. But the fact is, neither Democrats nor Republicans were likely Comey's target. Comey's meticulously chosen words have a higher purpose of potentially opening legal doors and serving as a launch-pad of evidence for the DOJ's new special counsel. Should Robert Mueller, who by all accounts Comey respects and appreciates, want to subpoena a potential player or get grand jury testimony, Comey's statement will likely help him. Should Mueller decide what he finds does not warrant further criminal proprietorial action, Comey's recollection, equivocal at times and admitting confusion or a lack of clarity, provides outs, too. Remarkably, almost exactly a month from his surprising firing, Comey manages, at least in these prepared remarks, to have hopped over any sour grapes, another way he strengthens his ability to serve as a reliable witness moving forward.

COMEY TO SHUT DOWN CAPITOL HILL

It won't be business as usual on Capitol Hill today. Comey's appearance before the Senate Intelligence Committee is expected to captivate lawmakers, and grind some official business to a halt. "This will be watched as much as the Watergate hearings," said Rep. Jackie Speier, D-Calif., a member of the House Intelligence Committee who plans to watch the hearing. Several House members -– including Mike Quigley, D-Ill., and Sheila Jackson Lee, D-Texas, -- are taking the unusual step of crossing the Capitol on a busy legislative day to sit in on the Senate hearing. Sens. Jack Reed, D-R.I., and John McCain, R-Ariz., plan to take advantage of their privileges as former committee members: They will be sitting at the dais with the current members and will get to question Comey. Also today, House GOP leaders, forging ahead with their agenda, have scheduled a vote on the Financial CHOICE Act, a consequential proposal to roll back Dodd-Frank that Speaker Paul Ryan has called one of the "crown jewels" of the Republican agenda. They have also canceled votes planned for Friday, giving members an opportunity to leave Washington -- and questions from the Capitol Hill press corps about Comey's testimony -- a day early, ABC News' Benjamin Siegel notes. http://abcn.ws/2sV5xLc

WHAT TO WATCH TODAY

The White House is holding an off-camera gaggle but look out for a response to Comey's testimony.

While Comey is on the Hill, President Trump delivers remarks at the Faith and Freedom Coalition's Road to Majority Conference.

NEED TO READ with ABC News' Caroline Cohen

ANALYSIS: Trump vindicated? POTUS gets from Comey what he wanted all along. In an account seen as unsavory by many, James Comey has publically stated that President Trump was not personally under investigation by the FBI. Trump's attorney Marc Kasowitz says he "feels completely and totally vindicated," not because the statement removes him from criminal conspiracies but also in his firing of the former FBI Director. http://abcn.ws/2rNWtby

Trump touts investment and jobs in infrastructure push. In a visit to Cincinnati Wednesday, President Trump highlighted the hundreds of billions of dollars he has brought in through deals abroad and spoke to the "millions of jobs" his administration intends to create through a turn to domestic investment. He spoke to the need to focus on infrastructural improvements, a necessity for job creation on his mission to "put America first." abcn.ws/2r3ob75

Intel chiefs won't say whether Trump asked them to intervene in investigations. Director of National Intelligence Dan Coats, National Security Agency Director Mike Rogers, Acting FBI Director Andrew McCabe and Deputy Attorney General Rod Rosenstein offered little before the Senate Intelligence Agency. While Coats refused to comment on whether Trump asked him to intervene in the Russia investigation, he did note that he "never felt pressure to intervene or interfere in any way." abcn.ws/2shFfGq

Powerhouse Politics podcast - Pro-Trump group ramps up anti-Comey ad campaign. The Great America Alliance, a group in support of accelerating Trump's agenda, intends to air an ad criticizing Comey during today's hearing. The group says Comey puts "politics over protecting America" and that his hearing has been an obstacle deterring Trump from properly executing his agenda. abcn.ws/2s60kUr

WHO'S TWEETING?

@DavidWright_CNN: .@MarkWarner releases excerpts from opening statement at Comey hearing today -- "This is not how a President of the United States behaves."

@sswinkgma: .@gstephanopoulos at top of @GMA: "Day 140 of the Trump Presidency. The biggest one yet...high stakes for the White House and the country."

@kyledcheney: Long lines already outside every entrance to Dirksen/Hart buildings, where Comey will testify at 10am

@meridithmcgraw: Suggested questions re: Comey testimony should really be: do you want to sign Random-House or HarperCollins? Prefer Scorsese or Coppola?

@AFP: In shadow of terror, British election tighter than expected u.afp.com/4e26