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Three topics will dominate Obama's press conference tonight.

WASHINGTON, D.C.--President Obama's to-do list for Tuesday night's press conference is daunting: sell his $3.6 trillion budget to the public, explain the public-private partnership he's proposed to save the banking system and convey that despite rising unemployment and a shaky stock market, he remains the man who can safely return America to prosperity.

Making things harder: the lingering furor over $165 million in bonuses paid to executives at American International Group (nyse: AIG - news - people ) and concern that his budget is $2.3 trillion further in the red than expected. He'll likely be peppered with questions about whether he would veto a bill to impose a 90% excise tax on some bonus income and how the administration plans to win over skeptical lawmakers if it needs to prop up the financial system with more bailout cash.

Want an example of what Obama's up against? Look no further than what Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke faced at a House of Representatives committee hearing Tuesday.

Geithner and Bernanke went to the Hill with a basic message: The government needs to establish a regulatory mechanism to allow for the orderly unwinding of non-bank financial firms like AIG, should they fail.

Instead, they faced a barrage of questions from lawmakers: What constitutional right does the Treasury Department have to keep dumping taxpayer money into failed companies? What role has Goldman Sachs (nyse: GS - news - people ), an AIG creditor, played in government bailouts? Should the issuance of credit default swaps be grounded until further notice? Who know what about AIG's bonuses and when?

The administration is keen to put in place part two of its response to the economic crisis: its budget and a new set of guidelines to revamp the regulation of the financial services industry. President Obama has conceded that "the specific details and dollar amounts in this budget will undoubtedly change." But he wants it to contain at least four elements: investment in clean energy, commitment to education, reform of health care policies and a reduction in the federal deficit.

As for a financial services overhaul, the administration wants to, in part, plug a hole in the current regulatory system by allowing the government to act as a "receiver" for all financial institutions, taking on a role similar to the Federal Deposit Insurance Corp. in dealing with failed banks. This would allow Uncle Sam to sell a business' assets and liabilities and renegotiate contracts with employees and counterparties.

 

Tuesday night, also expect the president to talk about fiscal responsibility, stressing the market's 500-point gain Monday in reaction to Geithner's plan. He'll likely mention the need for broad fiscal stimulus worldwide, as he prepares to meet with leaders from other G-20 nations in London in less than two weeks.

But before he does any of these things, President Obama will first need to regain control of the dialogue.

LOS ANGELES, California (CNN) -- Louisiana rapper Lil Wayne garnered the most Grammy nominations, receiving eight, and British alternative rock band Coldplay grabbed six as the Recording Academy announced this year's nominees Wednesday.

Rapper Lil Wayne earned a total of eight Grammy nominations Wednesday night.

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Lil Wayne and Coldplay were both nominated for the prestigious album of the year award for the 51st annual Grammy Awards. Nominations were announced during a star-studded primetime concert special Wednesday night.

Rappers Jay-Z and Kanye West and R&B crooner Ne-Yo, received six nominations each. Alison Krauss, John Mayer, Robert Plant, Radiohead and newcomer Jazmine Sullivan received five each.

Nominees in six categories were announced during the show, which aired on CBS. Mayer, Mariah Carey, the Foo Fighters and Taylor Swift performed for the event. See a list of some of the prominent nominees »

In some ways, it's an odd time for the industry to celebrate. CD sales have plunged in the last few years, and music downloads, which continue to rise, have yet to fill the gap. With concert ticket prices often well above $50 a pop and wildly fluctuating gasoline prices, musicians are feeling the pinch. Watch how the music industry is dealing with the times »

"It's deeply affected touring artists because one thing that's happening in the last couple of years is that people don't buy records as much, so the income has dropped drastically for artists," singer Sheryl Crow told CNN. iReport: What's the best music you heard in 2008?

Record labels are struggling with piracy from consumers and direct marketing by artists. Radiohead, for example, offered its last album, "In Rainbows," as a direct download before putting it out on CD.

But former music producer and self-described artists' rights advocate Moses Avalon said the music business -- and music in general -- isn't doing as badly as some observers say.

"I don't think the music industry is doing badly. I know that's the common thought. It's doing badly from the point of view from people who went from making tens of millions a year to now making a few million a year, and for them it probably feels like a financial Armageddon," he told CNN.

"But for the vast majority of recording artists, managers and producers who are people who make a decent living just like anyone else, just like any other professional -- to them, things are pretty much as they've been."

Avalon said sales are down only in the short term. In the long term, the music business has continued to grow, he said.

"One has to remember also that when people say sales are down -- sales are down compared to what? Compared to the year 2004? Yeah. Sales are down compared to the year 2004," he said. "But sales are up compared to the year 1991. So what are we talking about? We're talking about trends -- ebbs and flows of business, which are natural to all businesses."

Besides, he added, there's always a desire for music. It's just the form that it takes -- shellac 78s, vinyl LPs, CDs, Internet downloads, audio blasts through sites like Last.fm or MySpace -- that always changes.

"People always buy music no matter what. It can even be argued that economic hardship increases the need for music and entertainment," he said.