President Obama makes no small plans. One day after announcing the biggest budget deficit since World War Two, Obama flies to a Marine base in North Carolina to announce a withdrawal timetable for troops in Iraq.

Obama envisions an end to combat operations by August 2010, though a force of around 50,000 will remain. That’s too many for House Speaker Nancy Pelosi, a fellow Democrat, but former Republican presidential rival John McCain thinks it’s about right.

The Iraq news should provide a welcome change of focus from the economy, which continues to be terrible. Government data showed the U.S. economy contracted more sharply than estimated in the fourth quarter, with gross domestic product falling at an annual rate of 6.2 percent. The Treasury Department has said it will convert its $25 billion stake in Citigroup to regular shares, giving it 36 percent ownership of the troubled banking giant. Citi’s shares are down 19 percent in premarket trading.

What about the other troubled banking giant? Bank of America CEO Ken Lewis flew to New York yesterday so state attorney general Andrew Cuomo could press him to release a list of employees who got bonuses in 2008. Lewis said he cooperated, but the AG’s office said otherwise.

How did Lewis get to the meeting? He flew in a $50 million private jet, according to ABC News.

One bit of good news: it’s almost the weekend.

Photo credit: REUTERS/Mohammed Ameen (U.S. forces in Baghdad, Feb. 20)

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It’s been a brutal year for Wall Street, but the high rollers apparently still love a big, expensive party.

People who work in the finance industry have given at least $4.8 million to underwrite Barack Obama’s inauguration party, more than any other business sector, according to an analysis by the watchdog Center for Responsive Politics.

Obama’s team appears to have reached the $40 million goal it set to pay for the festivities. Roughly $6.8 million has come from those giving less than $200, according to the committee. But large donors have given at least $35 million.

While U.S. citizens can only give a maximum of $4,600 to help a candidate win office, there’s no legal limit to contributions for inaugural parties.

Obama’s Presidential Inaugural Committee has set a donor limit of $50,000, and has placed the names of large donors online in what the committee says is an unprecedented display of transparency.

Among those who gave the maximum: actresses Sharon Stone and Halle Barry (pictured); Microsoft Corp. founder Bill Gates and his wife Melinda; Microsoft CEO Steve Ballmer and his wife; filmmakers Steven Spielberg and George Lucas; Motown founder Berry Gordy and music mogul Antonio “LA” Reid.

Financier George Soros, a prominent underwriter of liberal causes, and extended family contributed at least $250,000.

For some, $50,000 isn’t enough. At least 32 donors have “bundled” $300,000 from their friends and associates — the maximum allowed by the committee.

Among that select group is Citicorp executive Louis Susman, whose company has taken at least $45 billion in government bailout money.

“If history is any guide, these wealthy individuals, as well as the corporations and industries they represent, may more than recoup their investment in Obama through presidential appointments, favorable legislation and government contracts,” said Shelia Krumholz, executive director of the Center for Responsive Politics.

Inauguration committee spokeswoman Linda Douglass said large donors will not have undue influence in the Obama administration.

“He’s never given anyone a reason to believe that they will have any special consideration just because they’ve contributed,” Douglass said. Just as small donors and volunteers played a significant role in the campaign, regular Americans will continue to have input in the administration, she said.

The money raised by the committee, in chunks smaller than the $200,000 maximum set by President Bush’s inaugural committee, will enable the committee to provide free concerts and parties for the record crowds expected for the inauguration, Douglass said.

“What these donors are supporting is a very vigorous effort to make sure that all Americans feel connected to these events,” she said.

Photo credit: REUTERS/Chip East (Halle Berry in New York, Sept. 7)

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Another day, another bailout. Stock futures point to a higher opening today after the U.S. government agreed to guarantee most of Citigroup Inc.’s potential $306 billion losses on high-risk assets.

President-elect Barack Obama today will formally unveil the economic team that will inherit this mess. The names of the top candidates, like Timothy Geithner and Larry Summers, have already been leaked, but the press conference could give more insight into their plans. It takes place at 11 a.m. Chicago time, noon EST.

One thing they’ll probably do is spend lots of money. Obama and congressional Democrats are preparing a stimulus package that could total as much as $700 billion over the next two years. The money would go to tax cuts for the middle class and spending on projects like roads and bridges.

Things look relatively quiet in Washington as Congress has adjourned for Thanksgiving week. President George W. Bush, back from his last international summit in Peru, meets with Israeli Prime Minister Ehud Olmert and holds a photo-op with Nobel Prize winners.