Brown was set to become the first European leader to visit Obama in the White House, and was set to call for a "global New Deal" of economic reform and banking regulation, to check quickening economic deterioration.

The meeting, designed to prepare the ground for a Group of 20 developing and developed countries summit in London on April 2, takes place against a backdrop of crashing stock markets and building global economic anxiety.

Less than two hours before meeting Brown for the Oval Office meeting set for 11:30 am (1630 GMT), Obama issued a grim forecast for more pain in the US economy, despite his massive government rescue effort.

"I want to begin with some plain talk," Obama said, during a visit to the US Department of Transportation in Washington.

"The economy's performance in the last quarter of 2008 was the worst in over 25 years, and frankly, the first quarter of this year holds out little promise for better returns."

The Dow Jones Industrial Average plunged to its lowest level in 12 years on Monday, and global stocks also dipped sharply, amid fears that there was no exit in sight from the economic contagion.

Brown, who is fighting political unpopularity back home, went into the talks with Obama calling for coordinated global action on the banking crisis and new regulation of the financial industry.

He told National Public Radio that the rest of the world should match the same standards of transparency, accountability and regulation that Britain and the United States were intending to adopt.

"There is a global banking collapse that we're dealing with consequences of in every country," Brown said in an interview.

"I think there is a general understanding, whether you talk to China, whether you talk to the European Union or you talk to our great friends here in America, that we need to show that the world can come together," he said.

He said those that did not push through such measures on their banking systems should lose their prestige in the global financial community.

The United States and Britain have launched massive economic stimulus packages since the collapse of US subprime home loans sparked a credit crunch that developed into the worst economic slowdown since the Great Depression.

Brown was also set to have lunch with Obama at the White House, before delivering a speech to a joint session of the US Congress on Wednesday, becoming the fifth British prime minister to do so.

While issues such as global warming, Afghanistan, Iran's suspect nuclear program and the Middle East are also expected to loom large in their talks, the economy will dominate the summit.

Obama and Brown have met several times, most recently when Obama made a brief visit to London last year during his presidential campaign.

Brown's predecessor Tony Blair struck up a strong relationship with former president George W. Bush, but also with the US leader who preceded him, Bill Clinton.

Brown effusively praised Obama in comments to British radio shortly before departing for the United States.

"I think the impression he has given of America to the world is transformative, because he is a black man who has won the presidency, who is living in the White House that was built by slaves," said Brown.

"I think people's view of America is changing as a result of that," he said.

The two leaders are expected to press other countries for greater help in fighting the raging insurgency in Afghanistan, although Brown's spokesman refused to speculate which nations they had in mind.

As the focus shifts away from Iraq, Obama has already pledged to send 17,000 additional US troops to Afghanistan this year to join 38,000 already there.

Britain has 8,500 soldiers in the violence-wracked southern region of the country.

The visit comes at a crucial time as the prime minister struggles to gain public support for his domestic stimulus package and huge bank bailouts.

His supporters hope the trip will boost his flagging popularity -- the governing Labour Party currently trails the opposition Conservatives ahead of a general election that must take place by mid-2010.

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