President Obama announced his plan to reform earmarks, the pet projects inserted into bills by legislators in an effort to get bills passed and satisfy their constituents.

In a press conference Wednesday morning, the President called upon Congress to pass a number of reforms that would crack down on the process by which earmarks are appropriated, increasing transparency which would allow earmarks to be subjected to more public scrutiny.

Obama said he does not intend to eliminate earmarks altogether.

“Done right, earmarks give legislators the opportunity to direct federal money to worthy projects that benefit people in their district, and that's why I have opposed their outright elimination,” he said.

The President addressed much of the criticism brought against the Omnibus spending bill passed by Congress, which is known to contain thousands of earmarks. He emphasized that 99% of the bill was crucial in addressing “the immediate concerns of the American people by making needed investments in line with our urgent national priorities,” yet the President acknowledged that the bill does contain earmarks.

“I am signing an imperfect omnibus bill because it is necessary for the ongoing functions of government,” Obama said. “But I also view this as a departure point for more far-reaching change.”

The President is expected to sign the bill later Wednesday behind closed doors -- and had no second thoughts about signing it, according to White House spokesperson, Robert Gibbs.

House Democrats announced two additional measures they would like to see included in the earmark process prior to the President's speech.

The first measure would require that all earmarks be reviewed by an agency in the Executive Branch to ensure the project is eligible to be funded. The second would require the Executive Branch to certify that any earmark intended for a for-profit company be awarded through a competitive bidding process.

In addition to those measures, Obama said he would like for all earmarks to be posted in advance on the legislators’ web sites, and affirmed earmarks should “never, ever be traded for political favors.”