[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/03/30/art.oval.gi.jpg caption="The current Oval Office rug cost over $60,000 and was designed by former first lady Laura Bush."]
(CNN) - The Obamas are using their own money to redecorate the White House residence and Oval Office, the White House confirms, forgoing the $100,000 in federal funds that is traditionally allotted to new presidents for such renovation projects.
The first couple - who made well over $2 million in 2008, largely from book revenues - is also turning down money from the White House Historical Association, the organization that financed a $74,000 set of china for the Bushes.
New presidents have traditionally undertaken extensive redecoration efforts to their personal quarters reflect their own tastes, with a new Oval Office rug tradition ringing in as the priciest item. Former President George W. Bush spent over $60,000 on a new cream carpet designed by Laura Bush in 2000 to replace the deep blue rug that covered the space during the Clinton administration. Obama aides have said the president likes the Bush rug, and does not plan to replace it.
The decision to forgo federal funds, first reported by New York Magazine, is the president's latest belt-tightening move amid the sagging economy and widespread outrage over corporate excesses. Late last month, White House Press Secretary Robert Gibbs announced the administration had put an order on hold for a fleet of new helicopters that will cost at least $11 billion.
But it remains unclear just how much money the couple plan to spend on redecorations. In January, the Obamas tapped high-profile interior designer Michael Smith to spearhead the project.
In accepting the position, Smith said affordability would be one of the "guiding principles."
"The family's casual style, their interest in bringing 20th Century American artists to the forefront and utilizing affordable brands and products will serve as our guiding principles as we make the residence feel like their home," he said.