Mary
01-20-2009, 07:10 AM
What Recession? The $170 Million Inauguration
Obama's Inauguration Has Been Financed Partially by Bailed-Out Wall Street Executives
By SCOTT MAYEROWITZ
ABC NEWS Business Unit
Jan. 19, 2009
The country is in the middle of the worst economic downturn since the Great Depression, which isn't stopping rich donors and the government from spending $170 million, or more, on the inauguration of Barack Obama .
Employees at banks, brokerages and Wall Street firms donated $7 million Barack Obama's inauguration.
The actual swearing-in ceremony will cost $1.24 million, according to Carole Florman, spokeswoman for the Joint Congressional Committee on Inaugural Ceremonies.
It's the security, parties and countless Porta-a-Potty rentals that really run up the bill.
The federal government estimates that it will spend roughly $49 million on the inaugural weekend. Washington, D.C., Virginia and Maryland have requested another $75 million from the federal government to help pay for their share of police, fire and medical services.
And then there is the party bill.
"We have a budget of roughly $45 million, maybe a little bit more," said Linda Douglass, spokeswoman for the inaugural committee.
More on http://abcnews.go.com/Business/Inauguration/story?id=6665946&page=1
Obama's Inauguration Has Been Financed Partially by Bailed-Out Wall Street Executives
By SCOTT MAYEROWITZ
ABC NEWS Business Unit
Jan. 19, 2009
The country is in the middle of the worst economic downturn since the Great Depression, which isn't stopping rich donors and the government from spending $170 million, or more, on the inauguration of Barack Obama .
Employees at banks, brokerages and Wall Street firms donated $7 million Barack Obama's inauguration.
The actual swearing-in ceremony will cost $1.24 million, according to Carole Florman, spokeswoman for the Joint Congressional Committee on Inaugural Ceremonies.
It's the security, parties and countless Porta-a-Potty rentals that really run up the bill.
The federal government estimates that it will spend roughly $49 million on the inaugural weekend. Washington, D.C., Virginia and Maryland have requested another $75 million from the federal government to help pay for their share of police, fire and medical services.
And then there is the party bill.
"We have a budget of roughly $45 million, maybe a little bit more," said Linda Douglass, spokeswoman for the inaugural committee.
More on http://abcnews.go.com/Business/Inauguration/story?id=6665946&page=1