US President-elect Barack Obama visited the White House on Monday for his first post-election meeting with President George W. Bush, a strikingly symbolic moment in the transition of power.

The President and first lady Laura Bush greeted the newly elected President and his wife, Michelle, with smiles and handshakes, even as Mr Obama's advisers reviewed some of Mr Bush's executive orders with an eye to reversing them after he is sworn in on January 20.

The two men met privately in the Oval Office for over an hour in talks thought to have encompassed the global financial crisis, the wars in Iraq and Afghanistan and other daunting challenges the Republican President will bequeath to his Democratic successor.

It was their first face-to-face encounter following Mr Obama's resounding victory over Republican John McCain in yesterday's election, which will make him the US first black President.

Mr Obama, 47, had repeatedly attacked Mr Bush's "failed policies" on the campaign trail, and the Illinois senator swept to power on a theme of change - specifically, change from the unpopular President's approach to economics and foreign affairs.

Mr Obama's aides say after taking office he will likely move quickly to roll back Mr Bush's executive orders that limit stem cell research and expand oil and gas drilling in some areas.

There was no outward sign of tension, however, when the Obamas stepped from their limousine at the south portico of the White House. Earlier, they had been cheered by crowds of onlookers as their motorcade sped through the capital.

"Good morning," Laura Bush chirped, though it was well past noon.

Mr Obama put his hand on Mr Bush's back cordially as the two couples entered the mansion. The leaders then strolled down the colonnade side by side, chatting. Mr Obama was the more animated of the two, gesturing with both hands. He had never set foot in the Oval Office before and was ushered in ahead of Mr Bush.

While their husbands met, the first lady gave Michelle Obama a tour of the White House living quarters, which will soon be her family's new home and where daughters Malia, 10, and Sasha, seven, will be running the halls.

At the end of a two-hour visit, Mr Bush and Mr Obama had nothing to say to reporters and both camps were mostly tight-lipped.

White House spokesperson Dana Perino would only say that domestic and international issues were discussed and that Mr Bush "again pledged a smooth transition."

Mr Obama spokesperson Stephanie Cutter said the leaders agreed on the need to cooperate in the changeover "in light of the nation's many critical economic and security challenges."

Later, as Mr Obama's plane sat on the airport tarmac in Washington before taking off for Chicago, journalists onboard overheard snippets of a cellphone conversation the President-elect had with an unknown party.

"I am not going to be spending too much time in Washington over the next several weeks," Mr Obama said.