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updated: 10/17/2013 8:07 AM

Illinois Treasurer monitoring debt ceiling

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  • Illinois State Treasurer Dan Rutherford

      Illinois State Treasurer Dan Rutherford
    Associated Press

 
Associated Press

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

Congress is still searching for deal that would raise the country's cap to borrow more money in order to pay its bills. The government has been partially shut down for more than two weeks as Democrats and Republicans haggle over spending.

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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.

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