UPDATE: One of the victims has been identified as Dawn Hochsprung, the principal of Sandy Hook Elementary. Below is a photo from CBS:

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At least 27 people are dead, 20 of them children between the ages of 5 and 10 years-old, following a shooting at Sandy Hook Elementary school in Connecticut this morning.

The shooter has been identified as 20 year-old Adam Lanza, not his older brother Ryan, as originally reported. Police say, Adam entered the school with four weapons and was wearing a bullet-proof vest.  His mother, a kindergarten teacher, was among the dead inside the school, along with a number of her students.  18 children were found dead at the school, 2 more died at the hospital. 6 other adults were killed in the shooting, including Lanza.

In addition to the school shooting, a dead body was found inside the shooter's house.

President Obama addressed the Nation during an afternoon press conference and was clearly emotional as he spoke of the tragedy.

This evening, Michelle and I will do what every parent in America will tonight, which is hug our children a little tighter and tell them that we love them, and we’ll remind ourselves how deeply we need them. … Our hearts are broken today for the parents, grandparents, sisters and brothers of these little children, and for the families of the adults that were lost. … Our hearts are broken for the parents of the survivors as well. For as blessed as they are to have their children come home tonight, they know that their children’s innocence has been torn away from them too early.

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The President ordered flags to be flown at half mast in honor of the lives lost in the worst shooting elementary school shooting in U.S. history.

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Source: GMA Yahoo News, ABC News