Bush, whose popularity is at an all-time low because of the Iraq war and weakening economy, has been intent on making a smooth handover of power part of his legacy.

Even before the election was over, the White House offered resources and help to both Obama and McCain for the 11-week transition period between Election Day and the inauguration of the new president.

The two men differ on some major policy issues, including the stimulus package. Obama is also poised to reverse a number of executive orders put in place by the Bush administration on stem cell research and oil and gas drilling.

Interviewed on CNN on the USS Intrepid aircraft carrier in New York, Bush described his meeting with Obama as "relaxed" but would not discuss details.

He also described Obama's election to become the first black U.S. president as a "historic moment" for the country.

Bush on Friday and Saturday will host leaders of the G20, which includes top industrial and developing economies such as France, Great Britain, Italy, China, Brazil and India.

Obama, who will be in Chicago, will not attend the meeting, But Podesta said some aides may meet on the sidelines of the meeting with visiting dignitaries.

"We are arranging to have appropriate people meet with those leaders -- people they know and they trust and we will have more to say about that later," Podesta said.