Obama: Expect $1 Trillion Deficits

The President-elect talks economics with reporters following a meeting with top economic advisers in his transition office. Says he expects budget deficits close to $1 trillion. Also says the country is at "a perilous crossroads" and calls budget reform "an absolute necessity." "We are going to bring a long-overdue sense of responsibility and accountability to Washington." Pool report here. Also says he will ban earmarks from the pending stimulus bill. Pool report here. Click above to watch. Transcript here. Plus: Obama team says the president-elect will make an "announcement" from his transition offices Wednesday at 10:15 am ET.