Inauguration panel raises $10m for four-day fete

Washington: The Presidential Inaugural Committee has raised almost $10 million so far to cover the costs of putting on a four-day fete that may draw the biggest crowd ever for an inauguration, casting the fundraising as ground-breaking in its restrictions and transparency.

President George W. Bush's last inaugural committee raised a record $42.8 million for a three-day celebration that included fireworks and nine inaugural balls. By mid-January 2005, Bush's committee had raised $18 million among corporations, trade associations and company executives.

By contrast, President-elect Barack Obama's committee has limited contributions, following the example of his campaign, banning contributions from corporations, political action committees, registered lobbyists, foreigners and registered foreign agents.

Individuals are also limited to giving $50,000, considerably less than the $250,000 corporate and individual donations.

Bundlers, individual donors who gather contributions on behalf of the committee, will be limited to $300,000 donations and will be identified on the PIC's website.

"From the beginning, we've said we're going to plan the most open and accessible inauguration in history, and that includes using 21st-century technology to give the American people access to information about donors to our committee," co-chair Penny Pritzker said in a statement.