INDIANAPOLIS -- A bail out for Indianapolis' Capital Improvement Board is in jeopardy after the bill was pulled from committee on Tuesday.

Shortly before 6 p.m., the chairman of the House Ways and Means Committee pulled the measure after Republicans refused to vote for it, 6News' Norman Cox reported.

It came after a day of debate over how the struggling organization accumulated an expected $47 million operating deficit.

"Did no one see this coming? Or, I mean, this is kind of like a bug on a windshield out of the midnight air. He decides to just splat on the windshield?" said Rep. Terry Goodin, D-Austin.

City Controller David Reynolds painted a bleak picture of the CIB's finances if the Legislature doesn't do something to help.

"If nothing happens, the CIB will be out of cash, some have, estimated as early as October, others February or March," he said.

Reynolds said a failure to act would force the CIB to start notifying future convention holders that they might have to go elsewhere.

If the situation gets bad enough, that could include the 2010 Super Bowl and the NCAA Final Four, he said.

"We're confident that we'll find a solution to this, and no notifications will need to be made," he said. "The CIB board would have to consider their fiduciary responsibility and make that decision."

As for the future of the bill, lawmakers said they would try to make more headway on Wednesday.