Bill Clinton's inauguration will be largely financed with private loans, the same controversial method used to pay for President Bush's in 1989. Clinton's inaugural committee needed about $17.5 million in loans to stage the five-day gala, expected to cost more than $20 million, said spokesman Richard Mintz. He said the money would be repaid from sales of souvenirs, tickets and commercials. Bush spent a record $30 million on events, taking $100,000 in interest-free loans from such corporations as American Express and IBM. Some groups complained companies making loans were government contractors who might expect favors for financing. Mintz said such loans had paid for inaugurations since 1948.
Times Staff and Wire ReportsFrom Times Staff and Wire Reports
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