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New York borrows from federal government to pay jobless benefits

01/21/2009 PATRICK MCGEEHAN THE NEW YORK TIMES
Since the first day of the business year, New York State’s unemployment insurance system has been out of money, and has been borrowing $90 million a week from the federal unemployment trust fund. State officials say that the borrowing will not affect benefits payments. However, the loans could end up costing the state nearly $100 million in interest and may lead to tough new taxes on employers.

Original story

Labels: new york, unemployment insurance

posted by Valaree and Brea at 4:54 PM