President Obama is planning an extravagant 50th birthday fundraiser next month but there is a chance it could be canceled if a deal is not reached on raising the debt limit.

The president's birthday-related bash is scheduled to take place on August 3rd in Chicago, the day before Obama's 50th birthday. The deadline to increase America's borrowing limit is August 2nd.

Assuming the event goes on as planned, the two-tiered fundraiser will take place at the Aragon, a historic ballroom in uptown Chicago. The festivities include dinner and a birthday concert. Ticket prices for the concert, which will feature native Chicago celebrities, range from $50 to $10,000 a person. Participants of the dinner will pay as much as the legal allowable limit of $35,800.

The birthday event is part of a series of organizing events that will be held across the country on August 3rd. Campaign officials are also pushing what they are dubbing "50 for 50," which challenges supporters to bring 50 new people into the campaign for Obama's 50th birthday. These events will not raise money but will be an attempt to build support for the campaign.

The Obama team on Wednesday flaunted its fundraising capabilities by announcing the campaign had collected more than $86 million in second quarter fundraising. This birthday event is expected to be one of the biggest events for the third quarter, which began on July 1st.

Fox News' Mike Emanuel contributed to this report.