The President tweeted that the press conference is being called off out of respect for the Bush family, mourning the loss of former President George H.W. Bush.
"President George H.W. Bush led a long, successful and lovely life".
Family spokesman Jim McGrath says Bush died shortly after 10 pm Friday, about eight months after the death of his wife, Barbara Bush.
Bush had also been a World War II hero, Texas congressman, Central Intelligence Agency director and Ronald Reagan's vice president.
Bush presided over economic malaise at home, and infuriated his fellow Republicans during a budget battle with rival Democrats by famously breaking his vow: "Read my Lips: No new taxes".
Over the years Bush was a regular at Texas Rangers and Houston Astros games - his son, President George W. Bush, was the managing general partner of the Rangers from 1989-98 - and, despite being wheelchair bound, he threw out the ceremonial first pitch before Game 3 of the 2015 American League Championship Series at Minute Maid Park.
Long before he was President, Bush was a college baseball player, and a pretty good one at that. He said: "America has lost a patriot and humble servant in George Herbert Walker Bush".
Former President George H.W. Bush was the captain of the Yale baseball team. Bush is expected to lie in state in the US Capitol. He studied at Phillips Academy Andover boarding school and enlisted in the US Navy at the age of 18.
He flew 58 combat missions and was shot down over the Pacific by Japanese anti-aircraft fire.
After the war, Bush graduated from Yale University and started his path as a politician. "We will greatly miss him". The result was the end of the Cold War and the arms race.
Bush famously vowed: "This will not stand, this aggression against Kuwait".
Bush was a foreign policy stalwart who declared a "new world order" in 1990 and drove Iraq from Kuwait in a matter of weeks with a lightning air and ground assault - and the backing of a coalition of 32 nations.
"At each stage of his remarkable career, the president worked side by side with his friends, colleagues and counterparts in the United Kingdom", she said.
The elder Bush's cautious realpolitik would later be contrasted to his son's far more costly ambition to transform the Middle East, but "Bush 41" refused to weigh in on the debate, insisting he was proud of the presidency of "Bush 43".
In his post-presidency, Bush turned to philanthropy - he joined forces with Bill Clinton to raise funds for victims of the 2004 Asian tsunami and the 2010 Haiti quake.
One more EU official who paid tribute to Bush was European Commission President Jean-Claude Juncker who qualified late US President as a "leader who was an example" to everyone.