Ala. Moving Investments In Case Of Debt Limit Bust
Birmingham, AL – The state of Alabama is taking steps to protect its finances in case Congress and the White House fail to reach agreement on an extension of the debt ceiling.
The governor's office said Friday the state already has moved some of its investments to cash to guard against the risk of a default.
Department heads have been asked to move as quickly as possible to bring in any federal funding their agencies may be due. And officials with the governor's office say they also were told to prioritize payments to protect the most essential government services in case federal funds stop flowing from Washington.
State pension fund CEO David Bronner oversees investments worth more than $27 billion, but he says there's little he can do but watch and wait.
(Copyright 2011 by The Associated Press. All Rights Reserved.)