Struggling Economy Make Affect Pricey Inaugural Balls

12/20/2008 05:12 am ET | Updated May 25, 2011

From holiday bonuses for CEOs to an extravagant White House dinner served last week to world leaders, excess is being frowned upon at every turn. Already, President-elect Barack Obama's team has taken a cue, opting to cancel planned fireworks on election night in Chicago's Grant Park.

So, is there a chance Obama's team will tone down the inaugural festivities, as well?

"I think that they do need to be cognizant that it is a difficult economy," Steve Ellis, vice president of the budget watchdog group, Taxpayers for Common Sense, told "And though there's an interest to celebrate, you don't want to appear that it's just party time, rather than pulling up your sleeves and it's work time."

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