UPDATE on November 10 at 7:15 PM EST:
A source tells NBC News that Obama pushed Bush on an economic stimulus package, saying that action is needed now, not after the inauguration:
According to the source, Obama told Bush that action is needed on a stimulus package now - in a lame duck session - and cannot wait until after the inauguration.
Obama also urged help for automakers and encouraged the acceleration of the disbursement of $25 billion dollars for the industry.
On his third focus - housing - Obama voiced his concern that homeowners whose mortgage rates are about to go up will need aid to prevent more Americans from defaulting on home loans.
Watch video of the Obamas arriving at the White House for their meetings with the President and First Lady Laura Bush. Read more below from Obama's office and the AP.
Statement from Obama-Biden Transition Spokesperson Stephanie Cutter on today's White House meeting:
"President-elect Barack Obama and Mrs. Michelle Obama were very warmly welcomed today at the White House by President George Bush and First Lady Laura Bush. Upon arriving, President-elect Obama and President Bush proceeded to the Oval Office, where they had a productive and friendly meeting that lasted for over an hour. They had a broad discussion about the importance of working together throughout the transition of government in light of the nation's many critical economic and security challenges. President-elect Obama thanked President Bush for his commitment to a smooth transition, and for his and First Lady Laura Bush's gracious hospitality in welcoming the Obama's to the White House."
"After a brief private meeting, the First Lady led Mrs. Obama on a tour of the White House that focused primarily on the private residence of the historic home. After this tour, the First Lady and Mrs. Obama visited in the West Sitting Hall, where they discussed raising daughters in the White House, as Jenna and Barbara Bush were similar in age to Malia and Sasha Obama when they visited their grandfather, President George H. W. Bush, during his presidency. Mrs. Obama was honored to finally meet the First Lady, who was a gracious hostess. Following their visit, Mrs. Obama met with Admiral Rochon, the White House Chief Usher."
From AP: All smiles and compliments, President-elect Obama and his wife, Michelle, called on President Bush and first lady Laura Bush Monday in a White House visit that was part political ritual, part practical introduction and a striking symbol of the historic transfer of power to come. The president and Obama talked war and financial crisis. Laura Bush and Michelle Obama talked about raising daughters in the nation's most famous house.
Then Obama flew back to Chicago to work on setting up the new administration that will take over on Jan. 20.