Obama cuts number of inaugural balls from ten to two

With the nation scheduled to slide into economic crisis if it goes plunging over the fiscal cliff at the end of December, President Obama is trying to make it more of a fiscal gentle slope. He's going to do this partly by whittling the number of inaugural balls down from 10 to two, one for guests and another for military families. Organizers say the cutback on festivities is meant to reduce the strain on security and law-enforcement personnel, as well as limit the amount of spending during these difficult economic times. The two celebrations will be smallest number of presidential inaugural balls since the Eisenhower era. [Source]

What do you think of the president's plan?