It was supposed to be the mother of all parties, now it may not happen at all. President Obama's big 50th birthday is scheduled for August 3, the day after the debt talks deadline and the date that the U.S. risks defaulting on its good faith and credit.

the mother of:非常大（或讨厌、重要等）的事情
default: 违约（尤指未偿付债务）

If the negotiations with congressional Republicans over how best to deal with the U.S. budget deficit are not wrapped up by August 2, the champagne corks will not be popping in Chicago.

budget deficit:预算赤字
wrapped up:圆满完成，顺利结束

The party was planned for the Aragon Ballroom, which costs $40,000 to rent. There is supposed to be a concert featuring jazz pianist Herbie Hancock and Jennifer Hudson, the star of Dreamgirls. The entertainment was to be followed by a lavish dinner for couples giving $35,800 to Obama's campaign. With the government scheduled to run out of money on Tuesday, an extravagent bash would hardly look good.

pianist:钢琴演奏家
run out of:用完，耗尽
extravagent:过度的
bash:盛大的聚会；盛典

An official said: 'The president will not attend the event in Chicago if negotiations are ongoing.' Mr Obama has already cancelled a series of campaign fundraisers to stay in Washington for the tense negotiations that have angered the U.S. public, worried financial markets and raised fears of a first-ever U.S. debt default.

debt default:债务违约，债务拖欠

The fundraisers would have brought in millions of dollars for the re-election war chest, the campaign official said.The President cancelled a planned trip to California and Seattle, put off a fundraiser in New York. Mr Obama's last campaign fundraiser was on June 30 in Pennsylvania. He reported raising $86 million in the quarter ended on June 30, far eclipsing the money raised by any of the Republicans vying for their party's nomination to compete against him in the 2012 president election. Asked what he most wanted for his birthday, Mr Obama said 'a debt-ceiling deal.'

war chest：专用款项；专款，为竞争等筹措的资金
eclipse: 使失色；使相形见绌；使丧失重要性
vying:激烈竞争；争夺
debt-ceiling:债务上限，债务最高限额

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