UPDATED 08/02/11 6:29 a.m.

SPRINGFIELD, Ill. (CBS) — The state is making more money than usual, though not enough to fill the budget gap.

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As WBBM Newsradio 780’s Dave Marsett reports, Illinois State Treasurer Dan Rutherford says rising interest rates are helping the state earn more than expected in investments.

LISTEN: Newsradio 780’s Dave Marsett reports

Rutherford says the state earned $22,000 in interest on Monday alone, which is more, he says, than typical for such a trading day.

“We actually received more interest that had been typical the week or two before,” he told WBBM Newsradio’s Alex Degman. “Part of this was the fact, I think, because of the concern over what would happen.”

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Rutherford says interest rates have been going up as uncertainty continues to swirl around debt negotiations. He says Monday’s interest rate sat at 27 basis points, or three tenths of 1 percent interest.

Ordinarily, it’s a small percentage of one basis point.

Rutherford says he will place several billion dollars in investments into non-interest bearing, FDIC-insured accounts should the market become volatile. He equates that to putting cash under a mattress.

His staff had about $3 billion that was liquid and available for investment Monday – including $1 billion from the state’s portfolio.

Rutherford says interest rates have been increasing since early last week amid concerns about the debt-ceiling debate in Washington.

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