credit remains tight , home prices continue to fall . It 's difficult to tell whether the measures enacted have not had time to work , or that they are not working . But the basic reality remains -- the financial system is in crisis , and as a result , the American economy is in a dangerous paralysis . President Obama needs to focus like a laser beam on this issue above and beyond everything else . CNN : Does that mean foreign policy takes a back seat ? Zakaria : Not a back seat , but if I were advising him , I would suggest that he save his presidential time , energy and political capital for the economy . He will probably need to go to Congress soon and ask for more money and more authority . Now , having said all this , the trouble with foreign policy is that it does n't wait around for you until the time is convenient . Things happen and you have to react to them -- like the violence in Gaza . That 's probably why the president called the foreign leaders he did on his first day --
Editor 's note : Fareed Zakaria is a foreign affairs analyst who hosts `` Fareed Zakaria : GPS '' on CNN at 1 and 6 p.m. ET Sundays . `` Banks are still reporting large losses , credit remains tight , home prices continue to fall , '' notes Fareed Zakaria . NEW YORK -LRB- CNN -RRB- -- President Barack Obama offered more detail on his plan to restore economic growth Friday , saying the economic stimulus program being debated in Congress is just one of at least three parts to his recovery plan . In a meeting to discuss the stimulus proposal with Vice President Joe Biden and Democratic and Republican congressional leadership , Obama said America also needs an improved financial system stability program as well as an overhaul of financial market regulation . CNN talked to world affairs expert and author Fareed Zakaria to get his thoughts about the most pressing issues facing the new president . CNN : What should be President Obama 's first order of business ? Zakaria : Oh , without question , the economy . This is a problem that is n't going away . Banks are still reporting large losses ,