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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.

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President Bush walks with President-elect Barack Obama down the Colonnade of the White House in Washington, Monday, Nov. 10, 2008, to the Oval Office. (AP Photo/Gerald Herbert)

President Bush, accompanied by Treasury Secretary Henry Paulson, makes a statement on the economy yesterday outside the Treasury Department in Washington. (AP Photo/Gerald Herbert)

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Barack Obama calls for 'sound judgment and fresh thinking' to address the nation's economic crisis. (Themantesdotcom)

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It’s important for the American people to know that there is close cooperation. - President Bush

If we do not act swiftly and boldly, most experts now believe that we could lose millions of jobs next year. - Barack Obama

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Bush, Obama Team Up on Crisis