White House teases major housing affordability plan as prices squeeze Americans

White House economic director Kevin Hassett said Sunday that the Trump administration is taking an all-hands-on-deck approach to tackling the housing affordability crisis.

"Everybody in the whole Cabinet is working on trying to get housing to be more affordable," Hassett told "Fox News Sunday."

He said the administration is preparing a sweeping proposal aimed at easing the burden on homebuyers, with details expected early in the new year.

"We are going to have a plan, a big plan, to announce sometime soon in the new year that's going to be very good news for the American people who feel like it's not affordable to buy a home anymore," Hassett added.

The administration's push comes as housing affordability has become a political liability for Trump and a winning issue for Democrats.

At the same time, approval of Trump's handling of the economy has dropped to a new low, while disapproval of his overall job performance has climbed to record highs, even among some of his core supporters.

Meanwhile, Democrats leaned heavily on affordability themes in state and local elections this fall and it paid off.

They promised to curb energy costs, boost affordable housing and safeguard middle-class wages. The message struck a chord with voters and points to a broader reality: when many feel financially strained, the party that speaks most clearly to pocketbook concerns often wins.

While Hassett declined to detail the proposals, the administration has previously discussed easing zoning restrictions and expanding longer-term mortgage products. 

The challenge for Trump will be translating those ideas into relief for voters who increasingly question whether his affordability promises are being fulfilled.