Obama Speaks About State of the Economy

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President-elect Barack Obama held a news conference in Washington D.C. Wednesday morning.

Obama spoke about the state of the economy and his plan moving ahead. He then named Nancy Killefer as his choice to be White House performance officer.

Killefer was Clinton's Treasury Department official. She will now head up a new office that will closely follow how well federal programs are working.

Killefer is the nation's first governmental performance officer, to be assigned to the White House Office of Management and Budget.

Obama called Killefer "an expert in streamlining policies and wringing out inefficiences."

Obama said officials on Capitol Hill revealed Wednesday that the likely federal deficit for the 2009 budget year will be an all-time $1.2 trillion.

He says his team is scouring the budget, eliminating what doesn't work and improving what does work.

Obama says his campaign promised change and Congress intends to deliver that change.

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