Bush, Obama Team Up on Crisis

President huddles with his successor on bailout plans
By Rob Quinn,  Newser Staff
Posted Nov 25, 2008 5:27 AM CST

(Newser) – The federal government's response to the economic crisis is part of a team planning effort, with Barack Obama working closely with President Bush in a bid to bring confidence back to spooked financial markets, the New York Times reports. The president's aides are coordinating efforts with Obama's new economic team, and Bush has spoken directly with his successor about the Citigroup bailout and unresolved parts of the Treasury's bailout plan.

Bush promised that Obama would be informed of every "big decision" made. Those big decisions are expected to include a huge Federal Reserve lending program to be announced today. Obama has vowed to begin work immediately to ensure there is no leadership vacuum during the crisis.