White House Continues Economic Offensive

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THE WHITE HOUSE -- The Obama administration will continue their economic offensive today as they unveil details of a home refinancing plan and a way to clean up wasteful government spending.

All of this comes as the White House sets out to defend its economic plan for the country.

It is a question everyone is asking, but nobody knows the answer.  Just how low will the stock market go?

Click play for more insight from CBN News Financial Editor Drew Parkhill, following David Brody's report.

"So far we don't have any feeling that somebody knows whether there's one more shoe to fall or whether Imelda Marcos's closet is about to come down on us," said Art Cashin, the director of floor operations for UBS Financial Services.

Market Down Nearly 20 Percent Since Taking Office

The market is down nearly 20 percent since Obama took office leaving the commander-in-chief in the role of stock analyst.

"Profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal, if you've got a long-term perspective on it," Obama said.

The Obama White House is preaching patience and looking to spend a lot of money to jump start the economy. On Capitol Hill, Republicans are skeptical to say the least.

"We think the spending binge needs to be stopped before it starts," said Sen. Mitch McConnell, Senate Minority Leader.

Budget Calls For Increasing Taxes on High Income Earners

Obama's budget calls for increasing taxes on high income earners during a recession, something Republicans and even some Democrats believe doesn't make sense. But it's really the big government approach that has Republicans all wound up.

"This powerplay strikes me as an incredible gamble with the U.S. economy," explained Rep. Paul Ryan, R-Wis. "The facts surrounding this budget are disturbing. It proposes to bring the size of our government to its largest level ever since World War II."

"None of this is going to be easy," said Peter Orszag, White House Director of the Office of Management and Budget. "But as the country music singer Toby Keith once put it, 'There ain't no right way to do the wrong thing.'"

Being mindful of the backlash against big government, President Obama will unveil a plan Wednesday that will change the way government contracts are allocated. The White House says it will save Americans tens of billions of dollars.

The administration will also lay out guidelines today about how their $75 billion housing plan will help homeowners rework their mortgages. In addition, the Federal Reserve is also launching a $200 billion program that is designed to kick start lending for cars, credit cards and other consumer debt.

It's a bunch of potential solutions to a very big problem -- and Wall street is watching.

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