Jay-Z, Beyonce to Host $4M Fund-Raiser for Obama in NYC

Jay-Z and Beyonce will host a fund-raiser for President Barack Obama in New York City today which according to early reports, will raise about $4 million for his campaign.

The power couple will host the party at Jay-Z's 40/40 Club where Obama is expected to deliver remarks at 9:45 p.m. About 100 guests are expected to attend and tickets are selling for $40,000 each, according to the New York Post's Page Six.

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This is reportedly the last fund-raising event in New York City for Obama before the Presidential elections in November.

Jay-Z has been an Obama supporter for a long time and has rapped about him in some songs, such as his 2009 single "On to the Next One," and on Young Jeezy's "My President."

Most recently, the rapper featured a video on his Budweiser Made in America Festival in Philadelphia, urging the audience to vote for Obama.

"To me, the idea of America is that no matter who you are, what you look like or where you come from, you can make it if you try. Jay-Z did it," Obama said in the video. "He didn't come from power or privilege. He got ahead because he worked hard, learned from his mistakes and just plain refused to quit. That's what 'made in America' means."

Beyonce is also a very close friend of First lady Michelle Obama and has praised her as the "ultimate example of a truly strong African-American."

President Obama is also scheduled to tape an interview at 4:40 pm on the "Late Show with David Letterman" today and hold another fund-raiser at the Waldorf Astoria Hotel. He will return to the White House tonight.