PIERRE, S.D.(WNAX)- The federal debt default debate has an impact on financial markets.

South Dakota State Treasurer Josh Haeder, a member of the state investment council, says they don’t over react.

Haeder says state investment officials stay with the same policies.

Haeder says state retirement and reserve funds are not at risk of major losses.

The President and House republicans have reached an agreement on the debt and budget, but it will still have to be approved by the full House and Senate by late this week.