The White House said curbing gun violence was a "complex" problem that required a comprehensive solution.
On Sunday Mr Obama told Newtown residents he would do everything in his power to prevent further tragedies.
The first two funerals of victims of the shooting were held on Monday.
Sandy Hook school pupils Noah Pozner and Jack Pinto, both aged six, were buried, and other victims' funerals will be held throughout the week.
The town has been removing Christmas decorations in mourning.
The Sandy Hook gunman was named as Adam Lanza, who took his own life at the end of a killing spree that began with him shooting dead his own mother.
On Monday Mr Obama met Vice President Joe Biden, Education Secretary Arne Duncan, Attorney General Eric Holder, and Health and Human Services Secretary Kathleen Sebelius to discuss proposals aimed at reducing gun violence.
Mr Biden will be put in charge of the initiative, the Washington Post said quoting unnamed sources close to the government.
Earlier, White House spokesman Jay Carney said tighter gun control laws were part of the answer to violence in the US.
"It's a complex problem that will require a complex solution," Mr Carney said. "No single piece of legislation, no single action will fully address the problem."
He added that the president supported reinstating an assault weapons ban that expired in 2004.
The BBC reports that Democrats have been reluctant to pursue gun control legislation, but that there are signs that fear could be abating, with two pro-gun senators calling for changes.
Mark Warner and Joe Manchin, who have "A" ratings from the National Rifle Association (NRA), now say action is needed after the massacre.
Culled from BBC