President Obama is slated to celebrate his 50th birthday with a major fundraiser at Chicago's historic Aragon Ballroom on August 3. A campaign official told CBS News that the campaign is moving forward with the event, though the White House says it could be cancelled if a deal is not reached on raising the debt limit by the August 2 deadline.

As of now, however, the event is "not on hold," the official told CBS News.

Tickets to the fundraiser, slated to take the day before the president's August 4 birthday, are reportedly going for between $50 each to $35,800 for a pair.  According to the Chicago Sun-Times, it will feature a star-studded VIP "birthday concert" -- possibly featuring Jennifer Hudson -- as well as dinner with the president.