CNN

President Bush and President-elect Barack Obama meet in the Oval Office on Monday.

(CNN) – President-elect Barack Obama was taking time out from piecing together his leadership team Tuesday to honor the country's fallen veterans.

Obama planned to lay a wreath in Chicago, Illinois, while Vice President-elect Joe Biden was giving a speech at a Veterans Day event in New Castle, Delaware.

John Podesta, the co-chair of the Obama-Biden transition team, was expected to provide an update on the presidential transition Tuesday afternoon.

No Cabinet appointments were expected this week, but Obama's transition team could make some key staff announcements as early as Tuesday.

With the transition process under way, President Bush welcomed the president-elect to the White House on Monday.

The two had a "relaxed" and "friendly" meeting, a White House spokesman said.

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