U.S. President George W. Bush walks with President-elect Barack Obama along the West Wing Colonnade to the Oval Office prior to Monday's private meeting at the White House. (Evan Vucci/Associated Press)Barack Obama was greeted by a beaming George W. Bush upon arrival at the White House on Monday afternoon for their first one-on-one meeting, as reports emerged that the U.S. president-elect is set to reverse some key executive orders issued by his predecessor.

Obama and his wife, Michelle, were met by Bush and his wife Laura at the White House's South Portico, where the president and his successor exchanged a smile and a handshake, while their wives greeted each other warmly.

Obama and Bush walked along the White House Colonnade, waving for cameras, before entering the Oval Office to begin what is expected to be an hour-long private session, carrying on the tradition of meetings between the president and president-elect. The two women also met privately.

Following the meeting, the president escorted his successor to his limousine. Obama's wife was leaving separately after her discussions with Laura Bush.

None of the four spoke to reporters.

Finance, auto industry, foreign policy discussed: Obama spokesman

The agenda for the meeting between Bush and Obama was initially kept under wraps, but an Obama spokesman later delivered a skeletal account of the discussion between the two.

Obama spokesman Robert Gibbs said the two men "talked extensively" about the economic situation and foreign policy.

"Obviously, the topics that came up are what you've seen and heard about in the news recently and … what a number of transition officials spoke about on the Sunday [television talk] shows," he said.

Topics included "the need to get the economy back on track," Gibbs said, and "what's going on in the auto industry." The discussion on the auto industry wasn't limited to the nation's three largest car makers, he said.

"It was a discussion about the broad health of the industry, and they also spoke about the housing industry and foreclosures."

As for Obama's first glimpse of the Oval Office: "He said it was a very, very nice office," Gibbs said.

White House press secretary Dana Perino said that Bush described the meeting as "constructive, relaxed and friendly," covering problems at home and abroad, and that he personally pledged to ensure a smooth transition.

After their talk in the Oval Office, Bush gave Obama a sneak peek at some other White House highlights, such as the Lincoln bedroom and the president's office in the residence.

Obama has been to the White House before, although Monday's meeting was his first visit to the Oval Office.

Although Obama was heavily critical of the president during the election campaign and painted Republican opponent John McCain as a continuation of the administration's "failed polices," he said he is "going to go in there with a spirit of bipartisanship."

Bush has hailed Obama's victory as America's first black president as a "triumph of the American story" and a "dream fulfilled for the civil rights movement."

During his first news conference as president-elect, Obama made it clear that Bush is still the president.

Review of executive orders

But Obama has been working with his transition team to fill key cabinet posts before he assumes office on Jan. 20. On Sunday, John Podesta, Obama's transition chief, acknowledged that Obama is reviewing Bush's executive orders on a number of issues and may undo some of the policies.

"There's a lot that the president can do using his executive authority without waiting for congressional action, and I think we'll see the president do that," Podesta said. "I think that he feels like he has a real mandate for change. We need to get off the course that the Bush administration has set."

Obama could reverse Bush's order to limit federal spending on embryonic stem cell research. He could also reverse Bush's decision to allow domestic drilling for oil and natural gas in Utah. Environmentalists have opposed drilling in the area.

With files from the Associated Press