Obama & Bush all Business at White House Visit

November 11, 2008 12:00:00 AM PST
President Elect Barack Obama is back home in Chicago after paying a visit to his future home, the White House. Obama and President Bush met in the oval office for almost two hours Monday and touched on the struggling auto industry, the mortgage mess and the overall economic crisis.When the world's two most powerful men met in the oval office it was all business. President Elect Barack Obama and President George W. Bush discussed the nation's struggling economy. And while many in congress are pushing for another stimulus package, it doesn't appear likely before Obama takes office.

"According to White House and congressional sources, any kind of major stimulus package is unlikely to happen in that lame duck session, in part because Democrats don't really want to negotiate with President Bush because they know they're going to have more numbers and the president coming up in January," said ABC News Washington Bureau Chief George Stephanopoulos.

But January is a long time to wait when bad economic news spills out day after day. After months of rumors, the second largest electronics retailer, Circuit City, filed for bankruptcy.

Monday, the U.S. pledged more support for failed insurance giant AIG. Their bailout now totals $150-billion dollars. And struggling auto makers are begging for their own $75-billion dollar bailout from the government. "They are using it literally to pay the bills and just to live to see another six months," said Roben Farzad with Businessweek.

But there is some good news for struggling homeowners. Citigroup plans to impose a moratorium on most foreclosures, reaching out to homeowners before they default.

Because of the difficult economy, there's added pressure to choose a Treasury Secretary as soon as possible. But President Elect Obama isn't expected to make any cabinet appointments this week.



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