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President Obama's Big Bucks Birthday Bash

JIM WATSON/AFP/Getty Images)(WASHINGTON) -- President Obama turns 50 on Thursday, but he's planning to celebrate a day early.

Fresh off a bruising debt ceiling debate, and an announcement that the administration is pivoting back to a focus on jobs, Obama heads to his hometown Chicago Wednesday night for a lavish birthday-themed fundraiser at the historic Aragon Ballroom.

Organizers expect a crowd of roughly 1,000 supporters, who each paid between $50 and $35,800 to attend. The money flows to the Obama Victory Fund, a joint account for Obama’s re-election campaign and the Democratic National Committee.  

Guests will be entertained with performances by Chicago native musicians Jennifer Hudson, Herbie Hancock, and the rock group OK Go.  

The president will also address the crowd, but will likely not be catching the musical show, a campaign aide said.

Before the speech, Obama plans to hold an exclusive, live-stream video teleconference with thousands of volunteers celebrating his birthday at one of 11,000 grassroots meetings across the country.

After his address at the Aragon, aides say, he will meet privately with a smaller group of VIP attendees, between 80 and 100, before returning to Washington D.C. for the night.

Copyright 2011 ABC News Radio

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