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Illinois Treasurer Keeping Close Eye On Debt Discussions At Nation's Capital

 width=Illinois Treasurer Dan Rutherford was on the treasurer’s office’s trading floor this week to monitor trading and market rates for nearly $3 billion in the state and municipal portfolios, and since interest rates were up, those investments will earn just under $22,000 for one day.

Rutherfordjoined his senior investment staff in monitoring each trade, which usually commences at 7 a.m. “I asked the team to be in early because of the debt ceiling debate,”Rutherfordsaid. “We want to make sure that our investments are safe, and given the rise in interest rates, we can tell taxpayers that our investments are both safe and earning more money.” Interest rates have increased slightly each trading day since early last week, as the markets braced for the possibility that the federal government would hit the debt ceiling and have to curtail payments and bond issues.

“Illinoisearned $5 million in the two major funds in June,” explainedRutherford. “Worst-case scenario is that an unchanged federal debt ceiling and a shaky market would see taxpayers losing that interest. I hope this debate will soon end with taxpayers being the winners.”

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