1997 Toyota Corolla Bad Smell and my A/C went out

This morning I turned my A/C on and it worked fine and turned it off because it was a little to cold. After driving for about 20 minutes I turned it back on and the light on my unit would not turn on and I noticed that the air was not cool so I turned it off. A minute later I opened the window and I could smell a slight burning rubber, bad smell coming from the vents and car. No engine light came on, the car was not over heating, no smoke coming from anywhere and the car ran completely normal. I work in town which is a good 27 miles away from where I live. What kind of problem does this sound like? I have already changed my timing belt, water pump, etc. Before I take it in I would like to know what the problem could be and how much this could cost?