President George W. Bush said today the United States faces economic challenges that 'will not pause' to let a new president settle into the job.
Mr Bush will have his first meeting with Barack Obama at the White House on Monday as the transition to a new administration begins.
The outgoing president and his wife Laura Bush will greet Mr Obama and his wife, Michelle, on Monday afternoon, spokeswoman Dana Perino said in an e-mailed statement.
"The Bushes will greet the Obamas, and then the president will visit with the president-elect in the Oval Office,'' Ms Perino said. "Mrs. Bush and Mrs. Obama will meet in and tour the private residence."
The Obama children won't be present, Ms Perino said.
Mr Obama's office issued a statement saying he and his wife look forward to the meeting "to begin the process of a smooth, effective transition.''
"I thank him for reaching out in the spirit of bipartisanship that will be required to meet the many challenges we face as a nation,'' he said.
Earlier, Mr Bush promised to work for an orderly transfer of power to Barack Obama and said he would ensure that the next president and his team 'could hit the ground running.'
"Ensuring that this transition is as smooth as possible is a priority for the rest of my presidency," Mr Bush told more than a thousand federal employees on the South Lawn of the White House.
"We face economic challenges that will not pause to let a new president settle in," Mr Bush said, referring to the economic and financial crisis that has roiled world markets.
Mr Obama's election as the first black president of the US 'gives us all reason to be proud of our democracy and our country', he said.
It will be America's first wartime transition in four decades and an 'unprecedented' effort is under way to ensure a peaceful transition, one of the 'hallmarks of a great democracy', he added.
The president was surrounded by members of his cabinet as he made the traditional transition announcement today.
Agencies