After the most expensive campaign in U.S. history, President Obama is dropping his principled objection to some forms of political fundraising to help pay for the post-election party.
Obama will also allow individuals to contribute up to the legal maximum for the 2013 inauguration - $250,000 - lifting a $50,000 cap he voluntarily imposed in 2008, sources said.
The shift appeared to be driven by fundraising challenges in the wake of a multi-billion dollar campaign. Obama and GOP nominee Mitt Romney each raised north of $1 billion for the election cycle - historic highs - according to Federal Election Commission filings released Thursday.
Obama's 2009 inaugural celebration cost $47 million.
Officials said cost considerations for the 2013 festivities would mean less elaborate events than four years ago. There will not be a star-studded concert on the National Mall, for example, and there will be fewer inaugural balls.
A spokeswoman for the committee said Obama will still not accept donations from lobbyists or PACs, or allow any individuals or corporations to formally sponsor specific inaugural events, such as the parade.
"Our goal is to make sure that we will meet the fundraising requirements for this civic event after the most expensive presidential campaign in history," said Addie Whisenant. "To ensure continued transparency, all names of donors will be posted to a regularly updated website."
