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Time running out for debt ceiling deal

SPRINGFIELD -- Lawmakers in Washington, D.C., have just hours left to raise the national debt ceiling before a default.
SPRINGFIELD -- Lawmakers in Washington, D.C., have just hours left to raise the national debt ceiling before a default. It has state leaders paying close attention.

There could be a deal out of Washington before the end of the night, but Illinois' officials are still preparing for the worst. Wednesday, State Treasurer Dan Rutherford said the state has been working behind the scenes to get ready for a potential default.

Thursday, Illinois is set to get more than $1 billion from matured U.S. treasury bonds to pay November's bills. But, if the U.S. defaults, the state won't get that money.

Rutherford says his team has shuffled around investments enough to get us through the next three to four weeks, but if federal money the state is owed doesn't come through in December, there will be big problems. He says, hopefully, we won't reach that point.

Leaders in the Senate say they have a deal to temporarily reopened the government through February. They're supposed to vote Wednesday night.

The House would still have to approve it too. The President has until midnight to sign off.
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