Answer:
The songs portray discussions in the cabinet of the administration of George Washington in the style of rap battles between Secretary of the Treasury Alexander Hamilton and U.S. Secretary of State Thomas Jefferson , with U.S. Representative James Madison occasionally assisting Jefferson. The song discusses whether or not to adopt Hamilton's proposal of establishing a national bank.
The room where it happens: It's about how some things very important to how the United States ended up were decided by "back room deals" which is to say, people in power meet together to hammer out the details without the influence of others. This allows them to negotiate more efficiently, but can cut out other interested parties, including American voters, other politicians, and lobbyists. In ideal situations, this allows them to get the best deal for the people they represent. In less-than-ideal situations, this allows them to get the best deal for themselves, even at the expense of those they're supposed to represent.
Explanation: