Wisconsin Officials Say State Is Prepared For Debt Ceiling Crisis
Wisconsinites worried over the looming federal debt ceiling dilemma can rest a little easier. Gov. Scott Walker’s top aide says if the federal government goes into default, Wisconsin has enough cash on hand to avoid being affected for at least three months.
Department of Administration Secretary Mike Huebsch said Monday that the state can replace any lost federal money for at least three months by borrowing from other state funds and by using money from a recently sold $800 million operating bond.
Huebsch says the state may have to prioritize what programs would be funded and by how much if the federal government were to be in default for more than three months.
President Barack Obama and Republicans are trying to reach a deal on the nation’s debt ceiling before a threatened Aug. 2 government default.
Huebsch prepared the report per Walker’s request.