Obama to address entitlement spending

WASHINGTON (AP) — President-elect Barack Obama says spiraling entitlement spending will be a central part of the discussion on controlling the federal deficit in the future.

Obama told reporters today that his administration will be inheriting a deficit of more than $1 trillion, and that it's likely to grow in the short term because of his plan to jump-start the economy with a stimulus plan.

He says the key will be to get the deficit to a "manageable level" in the medium and long term.

Obama says by February, he expects a plan to emerge on how to deal with entitlement spending, waste in government and other factors, as well as some "specific outlines" on how to control the deficit.