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Debt restructuring deadline is Friday

Expected to save state $165 million

Updated: Monday, 21 Feb 2011, 10:24 AM CST
Published : Monday, 21 Feb 2011, 10:22 AM CST

MADISON (AP) - A key part of Gov. Scott Walker's stalled plan to balance the state's budget in part through making public workers pay more for benefits faces a Friday deadline.

Wisconsin faces a $137 million budget shortfall by June 30 and a $3.6 billion problem by mid-2013. The worker concessions Walker seeks would raise $30 million by July but the main way he solves the current problem is be restructuring debt to save $165 million.

A Feb. 22 memo from his Department of Administration director warns that the bill must pass by Friday to allow time to refinance state bonds in order to save the money.

The bill has been stalled since Senate Democrats skipped town last week rather than vote on stripping collective bargaining rights for workers.

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