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Trump plans to spend over $43 mln for inauguration festivities

Trump plans to spend over $43 mln for inauguration festivitiesUS President-elect Donald Trump is looking for copious donations for his inauguration festivities set for January 20, 2017.

Trump's team has begun to focus on getting tens of millions of dollars in donations for celebrations related to inauguration and hopes to beat Obama's $43 million.

Trump has a $1 million limit on gifts from corporations, and no limit for individual givers, a Presidential Inaugural Committee official told the Associated Press.

The committee is also reported not accept money from registered lobbyists.

The formal inaugural ceremony is funded by taxpayers. However, private donors sponsor inaugural balls and other parties to celebrate the event.

During Obama's inauguration fundraising, stricter gift limits were set for the first ceremony barring donations by corporations, labor unions and lobbyists and capping individuals at $50,000. For his second, he set no limits. Obama raised $43 million for the 2013 festivities.
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