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Tue October 15, 2013
UK Official: Difficult To Prepare For "Uncharted Waters" Of Possible Default
As the government shutdown enters its third week, UK is covering some federal expenditures on research programs with institutional dollars.
Still, university officials aren't sure how long that arrangement can continue.
Jim Tracy, vice president for research at UK, says for now the university is holding its own.
"We have been able to draw down funds from the Department of Health and Family Services, the National Institutes of Health. Other agencies like the National Science Foundation are not making any payments," he says.
The worry now is that the next round of grants and contracts is not being reviewed and that could delay funding down the road. The same goes for financial aid for students.
As for the debt ceiling deadline, which is coming up this Thursday, Tracy says it’s difficult to take any precautions because the predictions are all over the board.
"We are in uncharted waters now. Nobody knows exactly what will happen. If you read various pundits and various analysts, it goes from there will be no impact to the world will end and I think we really don't have an idea what will happen if the debt ceiling is breached," Tracy says.
Tracy says that’s left UK, like many other institutions in the country, with a “wait and see” approach.