Mayor Michael Bloomberg, California Governor Arnold Schwarzenegger, and Pennsylvania Governor Edward Rendell met with President Barack Obama today to discuss the nation’s infrastructure needs.

Bloomberg has been working with the two governors as part of the Building America's Future coalition.

He called the meeting in Washington, D.C. encouraging, saying the president will take the steps necessary to ensure the country's future prosperity.

"This is the time to think boldly and to to bring the change about that this country needs," said the mayor. "And I think we have a new president who has the enthusiasm, the intellect, and the drive to get this done. He also understands that we all have to work together, work with Congress, and the three of us pledge that we will do everything we can to make sure he gets the support that he needs and the help."

Bloomberg acknowledged that infrastructure projects produce limited immediate jobs, but Schwarzenegger said that vehicular and mass transit systems need bailouts of their own.

"We have maybe spent $900 billion to $1 trillion in the next five years, but we really should be spending $2.2 trillion in the next five years in order to keep up with the demand," said California's governor.

Prior to the meeting, Obama praised the panel, saying it was made of three of the most innovative elected officials in the county, representing a wide range of political spectrums.

"I'm confident that with all these bright minds sitting around the table, that we're going to not only continue the progress that's been made in the Recovery Act, but we're going to be able to get a budget passed that reflects the concerns that we're hearing around the table," said Obama prior to the meeting.

Meanwhile, Obama made history last night when he became the first sitting chief executive to appear on a late-night talk show.

Although there were a few laughs, the financial crisis dominated the president's appearance on "The Tonight Show with Jay Leno."

He said executives at failing companies have no business taking bonuses after running their companies into the ground. And he said he wants to reform the financial system to avoid huge swings in the economy.

"We are going through a difficult time; I welcome the challenge," said Obama. "I ran for president because I thought we needed big changes. I do think in Washington, it's a little like 'American Idol,' except everyone is Simon Cowell."

Obama did cause some controversy when he referred to his famously-poor bowling skills as only good by Special Olympics standards.

White House officials later stressed the president was poking fun at his own skills and did not mean to offend Special Olympians.