As for their 4-year-old daughter Coco?
"She's coming to the parade," Arquette told Usmagazine.com Monday at The Huffington Post Pre-Inaugural Ball. "The inauguration's a little cold to be standing out there for so long, but then we're going to grab her and go to the parade."
Check out inauguration party pics!
His daughter also plans to celebrate in style.
"We'll get a little Obama hat for her or something," he said.
Arquette said the inauguration is "a moment in history that I want to be a part of.
"These moments don't happen a lot in a person's lifetime, so to be a part of it is a great honor," he told Us.
His hopes for Obama's first 100 days in office?
Arquette wants him "to get a grip on our financial situation and to get it moving in a direction that brings people's confidence back ... [to] start looking at some of the programs that are wasteful and start directing some of the money toward programs that are inspiring for kids and for education.
"Hopefully," the actor added, "he ends this war soon."
Although he said he has yet to meet Obama, "I've already been inspired by him and his integrity and his wife's integrity," Arquette told Us. "They're just true role models, and it's exciting to have somebody in office that really has their head on their shoulders and in the right place."
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