By AP
Oklahoma City, OK – Okla. officials have no contingency for default
OKLAHOMA CITY (AP) With the unprecedented possibility of a federal government default, state officials in Oklahoma acknowledge they have no contingency plan in place if the billions of dollars in federal funds were to suddenly stop.
State Treasurer Ken Miller says no one knows what the true impact of a default would mean.
State officials say there are two general areas of concern: the estimated $4 billion in government-backed securities held by the state, and the billions of federal dollars sent to the state every year in the form of social security, federal wages or funding for state agencies.