Officials say on Wednesday, which is being referred to as “Day 1,” he is scheduled to meet with his economic team to discuss the latest calibration of his stimulus package, which is likely to be about $900 billion by the time it reaches his desk, probably in mid-February.

Obama will also meet Wednesday with his national security team to discuss “next steps in Iraq and Afghanistan,” an aide said.

On the Middle East, “You’ll see him act quickly,” incoming senior adviser David Axelrod told John King on the debut edition of CNN’s “State of the Union.”

“The president- elect has said repeatedly that he intends to engage early and aggressively with diplomacy all over the world and using the men and women, the professionals who are in place, who are great, and, where appropriate, special envoys,” Axelrod said.

Obama also plans a flurry of executive orders, including some on Wednesday. These orders are a way presidents can force change in government without having to go through Congress.

The early Obama orders are likely to range from the mundane to the profound – from routine bureaucratic proclamations about continuity of government, to a declaration calling to begin the closing of the U.S. military prison at Guantanamo Bay, Cuba.

News stories have said the Guantanamo Bay executive order would come on Obama’s first full day in office, but an aide said it might be a day or two later. Over his first several days in office, he plans a series of orders that will kick off his era of change.

Robert Gibbs, the incoming White House press secretary, suggested on “Fox News Sunday” that Obama plans early steps toward his top agenda item of tighter regulation of the financial sector.

***UPDATE 5:20PM***

After Obama's speech, Springsteen and Pete Seeger did an encore, reports the New York Times:

Bruce Springsteen recently came back onstage, joined by 89-year-old folk singer Pete Seeger and a choir (the same one?), for a version of “This Land Is Your Land.”

The Boss has played the song — written by another folk legend, Woody Guthrie – in live shows before.

***UPDATE 4:46PM***
Here is an excerpt from Obama's speech at the Lincoln Memorial:

“And yet, as I stand here tonight, what gives me the greatest hope of all is not the stone and marble that surrounds us today, but what fills the spaces in between. It is you – Americans of every race and region and station who came here because you believe in what this country can be and because you want to help us get there.”

Read the full text of the speech here.

***UPDATE 3:46PM*** The concert has attracted over the expected 500,000 people and is being nicknamed Obama-Stock:

The atmosphere was festive enough for at least one person to dub it “Obama-stock.”
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Folks came from all over the Washington region and from South Carolina, California and Atlanta; from York, Maine, and Wayland, Mass.; and from a tiny city in Alaska known by the name “North Pole.” Although some said they were attending the “We Are One” concert as a less-onerous way to catch their piece of history, many said they planned to bundle up again and join the even-larger throngs expected for Tuesday's swearing-in and inaugural parade.

One of the highlights of Obama's Inauguration is the star-studded concert being held today at the Lincoln Memorial. The event is packed with celebrity guests and world-renowned musicians. Obama will give remarks amidst the festivities at 4pm. You can listen to the event live here.

The AP describes the scene:

A concert is under way on the National Mall in Washington, marking the start of four days of inaugural celebrations.

The crowd gathered in front of the Lincoln Memorial erupted in cheers when President-elect Barack Obama and his wife, Michelle, arrived, walking down the steps of the memorial.

Performers including U2, Beyonce and Bruce Springsteen are on the bill. Obama is expected to offer welcoming remarks.

The crowd, expected to reach perhaps a half-million, gathered in temperatures above the freezing mark. It was a welcome relief from the frigid weather that had gripped the nation's capital.

The spectators filled the area in front of the Lincoln Memorial, and extended along the mall on both sides of the reflecting pool.

Check out the list of guests and artists below (from HBO, which is broadcasting the event – watch it here):

Check out photos from the concert in the slideshow below. [THIS is the part that I was trying to get to.] :>)