President Obama will have only two official inaugural balls in January, a significant scaling back from 10 official balls four years ago.

Planners wanted to downsize the celebration in light of the current economic situation and reduce the costs of security for law enforcement, according to an inaugural source.

Both balls will be held at the Washington Convention Center on Monday, Jan. 21, the day of his swearing-in ceremony at the Capitol, a committee spokeswoman said. One, the Commander-in-Chief's Ball, will be for members of the military. The other, called simply the Inaugural Ball, will be for guests chosen by the Obamas.