ST. LOUIS, Mo. (KMOX) - As the budget battle in Washington builds to a boiling point, a state official assures Missourians that their tax dollars are safe.
State Treasurer Clint Zweifel says that regardless the outcome of the federal debt ceiling gridlock he expects security for state investments.
“Missouri really doesn’t depend in a great way on the federal government, so between that and investing the portfolio in a secure way – in a way that provides for liquidity and safety first – Missouri taxpayer dollars are going to be in great shape,” Zweifel says.
He says the state has invested wisely and conservatively, which has prepared it for such a crisis as the threat of federal default.
Zweifel’s comments come on the heels of the Illinois State Treasurer’s announcement that he will pull billions out of federal bonds if legislators fail to raise the debt ceiling. Treasurer Dan Rutherford said the traditionally safe Treasury bonds will become risky ventures if the debt limit is not raised.
Zweifel says Missouri’s picture is painted a bit differently.
“[State investments are] spread over four or five key areas and I’m confident that we’re going to be able to weather any economic storm that comes ahead,” Zweifel says.
He says Missouri is one of only eight states that maintains a triple-A credit rating with all three major rating agencies, and he’s received indication that the rating will not drop if the government defaults.
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