HOUSTON -- Houstonians are keeping their eyes on the stock market, KPRC Local 2 reported.

The United States economy has been battered by a slump in the housing market and a credit crisis that has led to billions of dollars in loses among major banks.

Stewart Hoffer is a small business owner who decided to liquidate some of his assets in case the country heads into a recession.

"Just to have it in the money market account so the volatility doesn't affect it," he said. "Cash is king."

President George W. Bush has proposed an economic stimulus package that includes $145 billion in tax cuts, but some investors around the world are doubtful that the measures will lift the economy quickly.

"Nobody has really said or have come out, the government agency has yet to come out, and say there's a recession," financial advisor Richard Rosso said.

Rosso recommended Houstonians take a look at their budgets and reevaluate their financial portfolios to make sure their expenses are in line.

Hoffer said this was the first time in eight years that he was worried not only about his financial outlook, but also about his employees.

"They don't get their Christmas bonus this year," Hoffer said. "They don't get the raise they thought. It has an overall affect on the economy that I think everyone from the lowest wage earner to the highest wage earner needs to be concerned about."