Party Plans on Hold for Debt Resolution

ABC News' Ann Compton ( @AnnCompton) reports:

August 2 is the date the US risks defaulting on its good faith and credit. August 4 is President Obama’s landmark 50 th birthday.

And August 3 is on hold.

It is the night that the Obama 2012 campaign has planned a splashy fundraising celebration in the President’s hometown Chicago. The ballroom in the famous Allerton Hotel overlooking the city’s Michigan Avenue “Magnificent Mile” is booked for a concert and party. The Chicago Sun Times, which was the first to report on the event, says Jennifer Hudson may be lined up to perform.

But senior White House officials tell ABC News the party would go forward only if the deficit negotiations and deadline to raise the debt limit ceiling have been resolved.

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