The National Committee to Preserve Social Security and Medicare announced Tuesday it is launching a new $1 million advertising campaign to stop congressional or White House proposals that would cut Social Security benefits as part of any deficit-reduction plan.

Liberal groups are worried that the president will announce Social Security reform as an olive branch to Republicans in next week's State of the Union address.

Former Connecticut Rep. Barbara Kennelly and Social Security Coalition co-leaders Nancy Altman of Social Security Works and Roger Hickey from Campaign for America's Future will be featured in radio ads this week. 

The committee boasts more than 3 million members and supporters nationwide, and led the campaign to defeat then-President George W. Bush’s proposals on Social Security reform in 2005.

“The American people, in poll after poll, have said they do not support cutting benefits in the name of deficit reduction. They understand Social Security has not contributed one dime to our current fiscal meltdown, yet it’s clear Washington’s fiscal hawks intend to ratchet up their attacks on the program in the new Congress,” Kennelly said in a statement.

The first Democrat to announce retirement this cycle, Sen. Kent Conrad said he didn't want the distraction of a campaign.

President Obama said he'll sign an executive order Tuesday to trim outdated and ineffective regulations that impede economic growth.

Welcome to a federal holiday version of Overnight Money, your roundup of what's happened and what is scheduled to in the world of business and finance.

Tuesday’s Big Story: 

Washington's financial power players will come together Tuesday, as the new Financial Stability Oversight Council (FSOC) convenes for its third meeting ever. 

The group, led by Treasury Secretary Timothy Geithner and created as part of the Dodd-Frank financial reform law, includes the heads of the Federal Reserve, Securities and Exchange Commission, and Commodity Futures Trading Commission, among others.

At Tuesday's meeting, the group could unveil its study and recommendations on the "Volcker Rule," which was named after Paul Volcker, a former Federal Reserve chairman and White House adviser. 

The rule, which aims to rein in risky trading by banks, has been the subject of debate, with advocates calling it necessary to prevent another broad financial crisis, while critics argue it could hinder domestic companies and put them at a disadvantage globally.

House Republican freshmen lawmakers, elected on platforms to reduce spending and the deficit, are saying they're prepared to play hardball and vote against raising the debt ceiling in order to extract an agreement on possible budget cuts. 

If there's no agreement on what to cut from the federal budget by the time a vote rolls around, Rep. David Schweikert, (R-Ariz.) a freshman lawmaker, is positioning himself to vote against raising the nation's debt limit. 

"We're walking a bit of a tight rope," Schweikert said Monday on Fox News.

"I'm being asked to pay off the credit card for the crazy spending from this president and the House of Democrats," he said. "The problem is they've already spent the money. The bill is now coming due. So for someone like myself, you know, you look your constituents in the eyes and say, I cannot vote for this debt ceiling unless we have substantial, you know, systematic changes in spending."

The House Rules Committee announced Monday that it will vote Wednesday on a rule effectively setting a spending ceiling for the second half of fiscal 2011.

House Budget Committee Chairman Paul Ryan (R-Wis.) was given rare powers to unilaterally set the ceilings for the rest of 2011 in a rules package the House adopted this month. The powers were necessary since Congress never adopted a 2011 budget resolution. The new rule would guide Ryan to set ceilings that assume “a transition to non-security spending at fiscal 2008 levels.”

Unemployment will remain high, the nation's economy could expand by 4 percent and interest rates may need go up, Federal Reserve Bank of Philadelphia President Charles Plosser said Monday. 

"If economic growth in the United States continues to gain traction and the prospects begin to look ever better, it might be time for us to begin thinking about how do we begin to gradually take our foot off the accelerator," Plosser told reporters after a speech at the Central Bank of Chile in Santiago, according to news reports. 

Plosser said he may favor a rate increase if economic growth necessitates a change.  

"It might. I’m not going to rule that out," he said.

Now is a good time to buy a house, a majority of those asked said in a Gallup poll released Monday. 

The new poll shows that 67 percent of respondents think it's a buyer's market despite more than 1 million foreclosures last year and tight credit, compared with 72 percent in April 2010 and 71 percent in April 2009, according to the poll conducted Jan. 7-9. 

During this time last year, the federal government had extended a home buyers tax credit, which expired April 30, giving home sales a temporary boost. 

Mortgage rates are hovering around historic lows, providing an incentive to some potential buyers. There's plenty of inventory to choose from, thanks to the foreclosures last year. 

Attention from securities regulators has prompted Goldman Sachs to offer only its clients from abroad an opportunity to invest in Facebook, meaning the firm has rescinded the chance from U.S. clients.

The New York Times describes the reversal as a "major embarrassment for Goldman," which had originally marketed the offering to its top U.S. clients.

The Securities and Exchange Commission (SEC) had begun a review of the issue and whether it violated regulations preventing firms from publicly promoting such investment opportunities.