“Budget Reform Is Not an Option, It’s a Necessity”

The president-elect says he's willing to eliminate wasteful government programs, will go through the budget line-by-line during Chicago presser. "This isn't about big government or small government. It's about building a smarter government that focuses on what works." Watch video clip above. Read prepared remarks here. Offers no specifics. Obama much looser and jokier than at Monday’s event. Announces Peter Orszag as OMB director, Rob Nabors as his deputy. Get all the details here. He'll hold yet another news conference on the economy Wednesday morning.