President George W. Bush and President-elect Barack Obama will meet at the White House on Wednesday in a session that is likely to be brief but also substantive, White House Press Secretary Dana Perino said Tuesday. Obama and Bush have been in regular contact by phone since Obama’s election, with the last call occurring Jan. 1.

Wednesday’s meeting, the second time the two have met face to face since Election Day, will occur before a lunchtime gathering at the White House of Obama, Bush and the living former presidents. The lunch was suggested by Obama and agreed to by Bush.

Obama this afternoon is scheduled to meet with his economic advisers at transition headquarters in Washington, D.C.

“During the meeting they will review the medium-term budget outlook and discuss their commitment to crafting a budget for 2010 that puts us on a path to bring down the deficit as the economy recovers,” an Obama transition spokeswoman said in a statement.