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Under President's proposal, homeowners may get up to $12,000 in rebates under a new stimulus plan - President Obama proposed a new program Tuesday that would reimburse homeowners for energy-efficient appliances and insulation, part of a broader plan to stimulate the economy.

Steve Nadel, director at the American Council for an Energy-Efficient Economy, who's helping write the bill, said a homeowner could receive up to $12,000 in rebates.

The proposal is part of the President's larger spending plan, which also includes money for small businesses, renewable energy manufacturing, and infrastructure.

We know energy efficiency "creates jobs, saves money for families, and reduces the pollution that threatens our environment," Obama said. "With additional resources, in areas like advanced manufacturing of wind turbines and solar panels, for instance, we can help turn good ideas into good private-sector jobs."

Stocks drop as global markets slip - CNNMoney.com -- Stocks tumbled Tuesday, with the Dow losing over 100 points as investors eyed weak global markets, a rising dollar, falling oil and gold prices, and some disappointing profit news from 3M, McDonald's and Kroger.

The Dow Jones industrial average tumbled 104 points, or 1%. The S&P 500 index lost 11 points, or 1%. The Nasdaq composite shed 17 points, or 0.8%.