Not since 1981 has such a gathering taken place, all of the living Presidents met together at The White House to greet the incoming President.

Before the historic lunch, Obama and President Bush met privately for half an hour. There was no official word as to what the group of presidents discussed, but the President-elect expressed his gratitude for the rare opportunity.

"This is an extraordinary gathering. All the gentlemen here understand both the pressures and possibilities of this office and for me to have the opportunity to get advice and good council and fellowship with these individuals is extraordinary and I'm very grateful to all of them," said Obama.

Earlier in the day, Obama spoke about his recovery plan, saying part of it will go directly to states experiencing economic difficulties.

"Part of the package is going to be to help states who are under extraordinary budget pressures to prevent them from laying off more workers in vital service areas like teaching and law enforcement and so forth so that we are not only saving jobs we are also making sure that states are able to provide basic services to their citizens at a time of critical need," said Obama.

For the latest on the transition to the White House, tune in to Inside City Hall at 7 and 10 p.m. Tonight's guests include newly elected State Senate Majority Leader Malcolm Smith, plus our Political Rundown.