Teaming up to fix the economy

The President-elect, Vice President-elect, and over 40 governors are in Philadelphia this morning to talk about how best to work together and get the economy going again.

Pennsylvania Governor Ed Rendell, chair of the National Governors' Association (NGA), said the states and the federal government need to drive job creation together -- with projects ranging from repairing highways and expanding public transit to building drinking water facilities. On the agenda today? Which of those projects are ready-to-go and can put people to work right away.

With many states buckling under budget deficits that could “go as high as $200 billion" in total, "We do need federal help,” Rendell said.

But Jim Douglas, the Republican governor of Vermont and vice chair of the NGA, was careful to point out that it's going to be a collaborative effort.

"States are not just coming to Washington with our hands out," he said. "We're taking action at the state level to reduce our levels of spending and live within our means."

We'll have more from this event, including photos, later in the day.