Government
6:18 am
Wed October 16, 2013

IL Treasurer Monitoring Debt Crises

Credit Wikimedia Commons

Illinois' treasurer says he's monitoring the debt ceiling showdown in Washington and the impact it could have on the state's finances.

Members of Congress continued late Tuesday to search for deal that would allow raising the country's cap to borrow more money in order to pay its bills.

Dan Rutherford's office says it utilizes U.S. Treasury securities as an important investment tool for the state's portfolios. The state holds $1.2 billion in U.S. Treasury bills that will mature over the next month.

Rutherford says planning ahead for a possible short-term default will allow the state to meet its payments on bonds and interest on a short-term basis.