In a strikingly symbolic moment in the historic transition of power in Washington, the outgoing President Bush and first lady, Laura, greeted President-elect Barack Obama and his wife, Michelle, with smiles and handshakes, as they stepped from their limousine to begin a tour of their home for the next four years, after Obama is sworn in on January 20.

Presidents-in-waiting traditionally make a trip to the White House between Election Day and inauguration, but Obama’s visit after only six days, underscores a sense of urgency in the transition process. It will be the first wartime transfer of presidential power in four decades and also comes as economic turmoil is shaking world markets.

The meeting Monday between the outgoing and incoming presidents marked a key step in the smooth transfer of power between administrations, as the two met for more than hour in the Oval Office to discuss a range of issues Obama will inherit from his predecessor.

The two men discussed the global financial crisis, the wars in Iraq and Afghanistan and other challenges the Republican President will bequeath to his Democratic successor.

After Obama’s resounding victory over Republican John McCain- which will make Obama America's first black chief executive - it was Obama’s first face-to-face encounter with Bush.

Bush’s “failed policies” were repeatedly attacked by Obama on his campaign trail. The Illinois senator swept to power campaigning on a theme of change - specifically, change from the unpopular president’s approach to economic and foreign affairs.