Not according to Rob at Say Anything:
But a review of the cost for past inaugurations shows Mr. Bush’s will cost less than President Clinton’s second inauguration in 1997, which cost about $42 million. When the cost is adjusted for inflation, Mr. Clinton’s second-term celebration exceeds Mr. Bush’s by about 25 percent.
According to the Consumer Price Index, $42 million in 1997 is the equivalent of $49.5 in 2004.
Looks like the Washington Times was in full Jammies regalia, fact checking the AP’s ass.