The administration is taking some flack over the president's new science adviser characterizing global warming as so severe a problem we should consider geoengineering the climate – perhaps shooting pollution particles into the upper atmosphere to reflect the sun's rays. “It's got to be looked at," said John Holdren. "We don't have the luxury of taking any approach off the table … [global warming is like being] in a car with bad brakes driving toward a cliff in the fog."

However, the White House is signaling that it is open to compromise on certain key elements of its cap-and-trade program, including whether businesses could get some emissions allowances for free.

Obama is pressing forward with his ambitious plan to reform health care. Yesterday he issued an executive order establishing the White House Office of Health Reform and appointed former Clinton administration official Nancy-Ann DeParle to head it. The president’s nominee for HHS secretary, Kansas Gov. Kathleen Sebelius, is still awaiting confirmation by the Senate.

According to The New York Times, Obama is also underscoring his commitment to advance comprehensive immigration reform this year. He’ll deliver a major speech on the topic in May and then over the summer he will convene working groups -- including lawmakers from both parties and a range of immigration groups -- to begin discussing possible legislation for as early as this fall. His primarily goal will be to devise a mechanism that allows long-time illegal residents to gain citizenship and “come out of the shadows.”

Moving on to the stock market, Reuters is reporting that the U.S. Treasury Department is planning to delay the release of any completed bank stress test results until after the first-quarter earnings season to avoid complicating stock market reaction.

Yesterday the SEC moved forward with its plan to reinstate the uptick rule to curb short selling. Five different proposals were released for public comment, ranging from reinstating the old rule to creating a new one that would only apply in severe market conditions.